Saputo Inc. Explained

Saputo Inc.
Type:Public
Founder:Lino Saputo
Area Served:Canada, United States, Argentina, Australia, United Kingdom
Industry:Food - Major Diversified
Revenue: C$17.843 billion (FY2023)
Net Income: C$1.553 billion (FY2023)
Num Employees:19,200 (2023)
Foundation:September 1954
Location City:Montreal, Quebec
Location Country:Canada

Saputo Inc. is a Canadian dairy company based in Montreal, Quebec, founded in 1954 by the Saputo family. It produces, markets, and distributes a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients and is one of the top ten dairy processors in the world.[1] [2]

The company has expanded predominantly through mergers and acquisitions. Its products are sold in over 60 countries worldwide.[3] It operated in Wales and Germany from 2006 to 2013.[4] It used to own the Canadian rights to Hostess Brands products.[5]

History

Master cheesemaker Giuseppe Saputo, his son Lino Saputo and family immigrated to Montreal from Montelepre, Italy, in the early 1950s. In September 1954, Lino convinced his father to start his own business. Using $500 to buy some basic equipment and a bicycle for deliveries, the Saputo family founded a cheesemaking company bearing its name. In 1957, Saputo's first sizable production facility was built in Montreal's Saint-Michel neighbourhood. Saputo went through considerable growth in the 1960s and 1970s as demand for its products increased. It became Canada's largest producer of mozzarella in the 1980s.[6] [7]

In 1988, Saputo expanded to the United States by acquiring two cheese plants. In the 1990s, the company made several acquisitions to diversify its product offering and geographic reach. In 1997, it became a publicly traded company and tripled in size following the acquisition of Stella Foods in the US.

In 2001, Saputo acquired Dairyworld Foods, the production and marketing arm of Agrifoods International Cooperative Ltd, which included the Dairyland milk and Armstrong cheese brands, for C$407 million.[8] Agrifoods International was itself the result of a series of mergers between dairy cooperatives in Western Canada in the 1990s. Armstrong Cheese was formerly an independent cheese maker in Armstrong, British Columbia, which was acquired by Dairyworld in 1997. After Saputo obtained the brand, it closed the plant in Armstrong.

In 2003, the firm continued to acquire businesses in the US and expanded into Argentina with the acquisition of Molfino Hermanos S.A.[9] That same year, while remaining chairman of the board Lino Saputo stepped down as president and CEO and was succeeded in this role by his son, Lino A. Saputo. In 2008, Saputo acquired Neilson Dairy from George Weston Limited for C$465 million.[10] The firm announced in 2012 it would buy Morningstar Food for US$1.45 billion.[11] In January 2014, Saputo announced that they would be purchasing the fluid milk business of Scotsburn Co-operative Services Limited of Nova Scotia for $61 million.[12] In February 2014, Saputo acquired a relevant interest of 87.920 percent of Victoria, Australia, dairy product firm Warrnambool Cheese & Butter Factory Company Holdings Limited shares.[13] It acquired all the remaining shares in March 2017.[14]

On February 3, 2015, Canada Bread Company Limited completed a C$120 million acquisition of Saputo Bakery, a division of Saputo Inc.[15] Canada Bread Company Limited is a subsidiary of Mexico's Grupo Bimbo.[15]

In September 2017, Saputo announced the complete acquisition of the Extended Shelf-Life Dairy Product Activities of Southeast Milk, Inc. in the United States.[16] In November 2017, According to the reports, Saputo acquired Betin Inc. a Belmont specialty cheese maker with a facility that employs 319 workers.[17]

On February 22, 2019, it was announced that Saputo would be buying British dairy company, Dairy Crest.[18] The company was valued at C$1.7 billion (£975 million).[19] [20] The transaction was completed on April 15, 2019.[21]

Defamation lawsuits

In March 2008, Saputo Inc. launched three defamation lawsuits against the owners of three Canadian newspapers over stories that were published in December 2007 alluding to Lino Saputo being linked to organized crime. Saputo sued CTVGlobemedia, the publisher of the Globe and Mail, Quebecor Inc., which owns the Sun Media Group of Papers, and Gesca Ltd, the owner of Montreal's La Presse newspaper. Company CEO Lino Saputo Jr. claimed the articles contained false allegations against Lino Saputo and Saputo Inc. An Italian weekly magazine, L'Espresso, was also being sued for articles that ran in November of the same year.[22] Links between Lino Saputo and American mobster Joe Bonanno have been evidenced between 1964 and 1979.[23] [24]

Main shareholders

At February 10, 2022[25]

Jolina Capital131,049,47631.6%
Placements Italcan42,500,00010.3%
Beutel, Goodman & Co9,140,2312.21%
The Caisse de dépôt et placement du Québec6,869,5311.66%
The Vanguard Group6,720,7101.62%
Leith Wheeler Investment Counsel Ltd.4 399 6311.06%
BMO Asset Management, Inc.4,303,7091.04%
BlackRock Fund Advisors3,522,5090.85%
RBC Global Asset Management, Inc.3,194,4780.77%
Mackenzie Financial Corp.3,149,2770.76%

Statistics

Brands

Brands by Saputo include: Saputo, Alexis de Portneuf,[27] Armstrong,[28] Cathedral City,[29] Cheer,[30] Clover,[31] Cracker Barrel[32] (trademark used under licence), Dairyland,[33] DairyStar,[34] Devondale,[35] Friendship Dairies,[36] Frigo, Frigo Cheese Heads,[37] Frylight, Joyya[38] La Paulina,[39] Milk2Go,[40] Montchevre,[41] Murray Goulburn Ingredients,[42] Neilson,[43] Nutrilait,[44] Salemville,[45] Scotsburn (trademark used under license[46]), Sheese,[47] South Cape,[48] Stella,[49] Sungold, Tasmanian Heritage, Treasure Cave,[50] Woolwich Dairy[51] [52] and Yorkshire Wensleydale[53]

Divisions

See also

Notes and References

  1. Web site: June 9, 2017 . Our Company . saputo.com . June 9, 2017 . June 6, 2017 . https://web.archive.org/web/20170606160714/http://www.saputo.com/en/Our-Company . live .
  2. Web site: October 2, 2019 . Top world dairy companies . March 31, 2021 . dairyinfo.gc.ca . April 20, 2021 . https://web.archive.org/web/20210420131354/https://dairyinfo.gc.ca/eng/dairy-statistics-and-market-information/the-dairy-processing-sector/top-world-dairy-companies/?id=1503069520825 . live .
  3. Web site: Shareholder Reports Investors Saputo . November 26, 2021 . www.saputo.comsaputo.com . November 26, 2021 . https://web.archive.org/web/20211126052533/https://saputo.com/en/investors/shareholder-reports/2021 . live .
  4. Web site: Saputo bailing out of European cheese market . February 25, 2013 . February 23, 2022 . February 23, 2022 . https://web.archive.org/web/20220223210621/https://www.canadiancattlemen.ca/daily/saputo-bailing-out-of-european-cheese-market/ . live .
  5. Web site: Popken . Ben . November 19, 2012 . Twinkie's last stand: It's up to a mediator . November 15, 2013 . Lifeinc.today.com . December 1, 2017 . https://web.archive.org/web/20171201032505/http://lifeinc.today.com/_news/2012/11/19/15279605-twinkies-last-stand-its-up-to-a-mediator?lite . dead .
  6. Web site: Saputo History Saputo . June 9, 2017 . saputo.com . June 10, 2017 . https://web.archive.org/web/20170610094613/http://www.saputo.com/en/Our-Company/History-Overview . live .
  7. Web site: Cercle des Grands entrepreneurs du Québec . December 2, 2021 . cercledesgrandsentrepreneurs.com . December 2, 2021 . https://web.archive.org/web/20211202150823/https://cercledesgrandsentrepreneurs.com/en/lino-saputo/an_entrepreneur.html . live .
  8. News: December 18, 2000 . Saputo Inc. spends $407 million for Dairyworld Foods . CBC News . March 10, 2011 . November 8, 2012 . https://web.archive.org/web/20121108230222/http://www.cbc.ca/news/business/story/2000/12/18/saputo001218.html . live .
  9. Web site: Saputo is Golden . December 2, 2021 . dairyfoods.com . en . December 2, 2021 . https://web.archive.org/web/20211202150833/https://www.dairyfoods.com/articles/83417-saputo-is-golden . live .
  10. Web site: October 22, 2008 . Saputo acquires George Weston's Neilson dairy . dead . https://web.archive.org/web/20140308000907/http://www.canada.com/montrealgazette/news/business/story.html?id=d6799cff-a530-4748-a51a-75527e693f32 . March 8, 2014 . November 15, 2013 . Canada.com.
  11. Web site: Marotte . Bertrand . December 3, 2012 . Saputo buys U.S. dairy company Morningstar for $1.5-billion . November 15, 2013 . The Globe and Mail . November 17, 2015 . https://web.archive.org/web/20151117020944/http://www.theglobeandmail.com/globe-investor/saputo-buys-us-dairy-company-morningstar-for-15-billion/article5910616/ . live .
  12. News: January 17, 2014 . Scotsburn sells off its fluid milk business to Saputo . CBC News . February 28, 2014 . March 5, 2014 . https://web.archive.org/web/20140305074115/http://www.cbc.ca/news/canada/nova-scotia/scotsburn-sells-off-its-fluid-milk-business-to-saputo-1.2500880 . live .
  13. Web site: February 12, 2014 . Saputo Announces Takeover Offer for Warrnambool Has Closed . January 28, 2015 . saputo.com . February 25, 2015 . https://web.archive.org/web/20150225031223/http://www.saputo.com/uploadedFiles/Saputo/investors-and-medias/press-releases/2014/2014-02-12_TSX_closing_ANG_FINAL.pdf . live .
  14. Web site: Marshall . Andrew . February 22, 2017 . Saputo completes WCB takeover . August 5, 2017 . farmonline.com.au . August 5, 2017 . https://web.archive.org/web/20170805190816/http://adf.farmonline.com.au/news/magazine/industry-news/general/saputo-completes-wcb-takeover/2754752.aspx . live .
  15. Web site: Mexico's Grupo Bimbo acquires Saputo Bakery . dead . https://web.archive.org/web/20150205075031/http://latino.foxnews.com/latino/news/2015/02/03/mexico-grupo-bimbo-acquires-saputo-bakery/ . February 5, 2015 . February 4, 2015 . Fox News Latino.
  16. News: September 29, 2017 . Saputo Completes the Acquisition of the Extended Shelf-Life Dairy Product Activities of Southeast Milk, Inc. in the United States . wallstreet-online.de . October 12, 2017 . October 12, 2017 . https://web.archive.org/web/20171012095425/https://www.wallstreet-online.de/nachricht/9938082-saputo-completes-the-acquisition-of-the-extended-shelf-life-dairy-product-activities-of-southeast-milk-inc-the-united-states . live .
  17. Web site: Saputo buys another Wisconsin cheese manufacturer . November 20, 2017 . The Business Journals . January 23, 2021 . https://web.archive.org/web/20210123023300/https://www.bizjournals.com/milwaukee/news/2017/11/06/saputo-buys-another-wisconsin-cheese-manufacturer.html . live .
  18. News: February 22, 2019 . Cathedral City firm to be bought for £975m . BBC News . February 22, 2019 . February 22, 2019 . https://web.archive.org/web/20190222101934/https://www.bbc.co.uk/news/business-47329330 . live .
  19. News: Onita . Laura . February 22, 2019 . Dairy Crest deal set to net boss Mark Allen £4.8 million . en . Evening Standard . February 22, 2019 . February 23, 2019 . https://web.archive.org/web/20190223022103/https://www.standard.co.uk/business/dairy-crest-deal-set-to-net-boss-mark-allen-48-million-a4073956.html . live .
  20. Web site: April 15, 2019 . Canadian dairy giant Saputo enters U.K. market with $1.7B deal for Dairy Crest . Toronto Star . July 6, 2019 . July 6, 2019 . https://web.archive.org/web/20190706031404/https://www.thestar.com/business/2019/04/15/saputo-enters-uk-dairy-market-by-closing-17-billion-deal-for-dairy-crest.html . live .
  21. Web site: April 18, 2019 . Saputo completes acquisition of Dairy Crest . April 19, 2019 . Food Manufacture . October 20, 2020 . https://web.archive.org/web/20201020094331/https://www.foodmanufacture.co.uk/Article/2019/04/18/Dairy-processor-completes-Dairy-Crest-purchase . live .
  22. Web site: Saputo sues 3 Canadian newspapers for defamation. cbc.ca. March 8, 2008. April 17, 2023.
  23. Web site: Cheese Company Studied For Organized Crime Tie. nytimes.com. December 5, 1979. October 6, 2023. January 18, 2020. https://web.archive.org/web/20200118103529/https://www.nytimes.com/1979/12/05/archives/cheese-company-studied-for-organized-crime-tie-letter-to-joseph.html. live.
  24. Web site: Quebec dairy mogul Lino Saputo had secret past dealings with U.S. mobster Joe Bonanno, then lied about it. cbc.ca. January 16, 2020. October 6, 2023. January 3, 2023. https://web.archive.org/web/20230103002606/https://www.cbc.ca/news/canada/montreal/quebec-dairy-mogul-lino-saputo-had-secret-past-dealings-with-u-s-mobster-joe-bonanno-then-lied-about-it-1.5428629#:~:text=In%20Lino%20Saputo's%20memoir%2C%20the,Bonanno%2C%20a%20powerful%20Mafia%20godfather.. live.
  25. Web site: SAPUTO INC. : Shareholders Board Members Managers and Company Profile CA8029121057 MarketScreener . February 23, 2022 . www.marketscreener.com . en . February 23, 2022 . https://web.archive.org/web/20220223210952/https://www.marketscreener.com/quote/stock/SAPUTO-INC-1411574/company/ . live .
  26. Web site: Corporate Information Investors Saputo . February 23, 2022 . www.saputo.comsaputo.com . en . February 23, 2022 . https://web.archive.org/web/20220223210954/https://www.saputo.com/en/investors/investor-toolkit/corporate-snapshot . live .
  27. Web site: March 16, 2017 . Alexis de Portneuf (Saputo) . August 5, 2017 . Canadian Dairy Information Centre . August 5, 2017 . https://web.archive.org/web/20170805182107/http://cheese-fromage.agr.gc.ca/cr-rf_eng.cfm?companylist=1920 . live .
  28. Web site: Armstrong Pizza Mozzarella Cheese made by Saputo . August 5, 2017 . The Food Wiki . August 5, 2017 . https://web.archive.org/web/20170805184552/http://thefoodwiki.org/product/armstrong-pizza-mozzarella-cheese-made-by-saputo/16164/ . live .
  29. News: February 22, 2019 . Cathedral City maker Dairy Crest to be bought by Saputo . en-GB . BBC News . November 26, 2021 . November 26, 2021 . https://web.archive.org/web/20211126201549/https://www.bbc.com/news/business-47329330 . live .
  30. Web site: Neales . Sue . June 10, 2016 . Warrnambool owner Saputo flags fresh dairy pain . August 5, 2017 . The Australian.
  31. Web site: Saputo completes acquisition of Dairy Crest . November 26, 2021 . foodmanufacture.co.uk . April 18, 2019 . en-GB . December 6, 2021 . https://web.archive.org/web/20211206063445/https://www.foodmanufacture.co.uk/Article/2019/04/18/Dairy-processor-completes-Dairy-Crest-purchase . live .
  32. Web site: January 31, 2017 . Saputo poised to take total control of Warrnambool Cheese & Butter . August 5, 2017 . The Australian.
  33. Web site: October 22, 2005 . HEALTH HAZARD ALERT - DAIRYLAND brand 1% chocolate milk may contain a chemical sanitizer . August 5, 2017 . canada.ca . August 5, 2017 . https://web.archive.org/web/20170805220621/https://www.canada.ca/en/news/archive/2005/10/health-hazard-alert-dairyland-brand-1-chocolate-milk-may-contain-chemical-sanitizer.html?=undefined&wbdisable=true#wb-cont . live .
  34. Web site: August 2, 2017 . UPC 040900281888 DairyStar Saputo . August 5, 2017 . . August 5, 2017 . https://web.archive.org/web/20170805180947/https://www.buycott.com/upc/040900281888/dairystar-saputo . live .
  35. Web site: October 27, 2017 . Saputo reaches deal to acquire Australian dairy firm for $1.29 billion - BNN Bloomberg . November 26, 2021 . BNN . November 26, 2021 . https://web.archive.org/web/20211126200048/https://www.bnnbloomberg.ca/saputo-reaches-deal-to-acquire-australian-dairy-firm-for-1-29-billion-1.897736 . live .
  36. Web site: Briodagh . Kenneth . August 14, 2013 . Inside Friendship Dairies' Social Media Startup Strategy . August 5, 2017 . eventmarketer.com . August 5, 2017 . https://web.archive.org/web/20170805185145/http://www.eventmarketer.com/article/diary-first-timer/ . live .
  37. Web site: 2015 . Frigo Cheese Heads Now Available in Bold New Flavors . dead . https://web.archive.org/web/20170805181305/http://www.wmmb.com/cheese-companies/whatsnew/2015/01/15/frigo-cheese-heads-now-available-in-bold-new-flavors . August 5, 2017 . August 5, 2017 . Wisconsin Milk Marketing Board.
  38. Web site: November 9, 2018 . Saputo launches ultra-filtered milk brand Joyya in Canada . November 26, 2021 . FoodBev Media . en-GB . December 17, 2022 . https://web.archive.org/web/20221217101458/https://www.foodbev.com/news/saputo-launches-ultra-filtered-milk-brand-joyya-in-canada/ . live .
  39. Web site: October 2, 2003 . Saputo to buy Argentine dairy processor . August 5, 2017 . . January 26, 2021 . https://web.archive.org/web/20210126093841/https://www.theglobeandmail.com/report-on-business/saputo-to-buy-argentine-dairy-processor/article1167082/ . live .
  40. Web site: Astley . Mark . October 4, 2013 . Saputo enters sports recovery arena with high-protein Milk2Go extension . dead . https://web.archive.org/web/20170412014333/http://www.dairyreporter.com/Manufacturers/Saputo-enters-sports-recovery-arena-with-high-protein-Milk2Go-extension . April 12, 2017 . August 5, 2017 . dairyreporter.com.
  41. Web site: Saputo completes acquisition of Montchevre Goat Cheese . November 26, 2021 . dairyreporter.com . December 13, 2017 . en-GB.
  42. Web site: Saputo acquires activities of Murray Goulburn in Australia . November 26, 2021 . foodprocessing-technology.com . November 26, 2021 . https://web.archive.org/web/20211126200051/https://www.foodprocessing-technology.com/news/saputo-acquires-activities-murray-goulburn-australia/ . live .
  43. Web site: June 4, 2016 . Neilson chocolate milk recalled due to listeria concerns . August 5, 2017 . . June 19, 2017 . https://web.archive.org/web/20170619164312/http://www.cbc.ca/news/canada/montreal/saputo-neilson-chocolate-milk-recall-1.3616452 . live .
  44. Web site: July 24, 2015 . Saputo repositions Nutrilait milk brand for a messy life . August 5, 2017 . . June 24, 2017 . https://web.archive.org/web/20170624085440/http://marketingmag.ca/brands/saputo-repositions-nutrilait-milk-brand-for-a-messy-life-152821/ . live .
  45. Web site: Shepel . Jan . Salemville Cheese Co-op creates market for Amish farmers' milk . November 26, 2021 . Wisconsin State Farmer . en-US . November 26, 2021 . https://web.archive.org/web/20211126200048/https://www.wisfarmer.com/story/news/2019/01/09/new-cheese-plant-positions-co-op-growth-and-success-amish/2515832002/ . live .
  46. Web site: Shannon . Chris . March 23, 2016 . Workers 'in shock' over Sydney dairy closure . dead . https://web.archive.org/web/20170805185042/https://www.capebretonpost.com/news/local/2016/3/23/workers-in-shock-over-sydney-dairy-clo-4475613.html . August 5, 2017 . August 31, 2019 . Cape Breton Post.
  47. Web site: Saputo beefs up non-dairy cheese and value-added ingredients with 2 acquisitions Globalnews.ca . November 26, 2021 . Global News . en-US . November 26, 2021 . https://web.archive.org/web/20211126200048/https://globalnews.ca/news/7890764/saputo-non-dairy-expansion/ . live .
  48. October 28, 2019 . Saputo Completes the Acquisition of the Specialty Cheese Business of Lion Dairy & Drinks Pty Ltd in Australia . November 26, 2021 . GlobeNewswire News Room . en . November 26, 2021 . https://web.archive.org/web/20211126200047/https://www.globenewswire.com/news-release/2019/10/28/1935969/0/en/Saputo-Completes-the-Acquisition-of-the-Specialty-Cheese-Business-of-Lion-Dairy-Drinks-Pty-Ltd-in-Australia.html . live .
  49. Web site: May 10, 2016 . Saputo launches fresh mozzarella products under Stella brand . August 5, 2017 . FoodBed Media . August 5, 2017 . https://web.archive.org/web/20170805182727/http://www.foodbev.com/news/saputo-launches-fresh-mozzarella-products-under-stella-brand/ . live .
  50. Web site: March 9, 2017 . Saputo, Chunk Feta Cheese - Treasure Cave . August 5, 2017 . Open Food Facts.
  51. Web site: October 6, 2015 . Saputo buys goat cheesemaker Woolwich Dairy . August 5, 2017 . AGCanada.com . August 5, 2017 . https://web.archive.org/web/20170805181239/https://www.agcanada.com/daily/saputo-buys-goat-cheesemaker-woolwich-dairy . live .
  52. Web site: 2020 Annual Report . February 2, 2021 . Saputo Inc. . September 26, 2020 . https://web.archive.org/web/20200926054501/http://saputo.com/en/investors/shareholder-reports/2020 . live .
  53. Web site: Saputo to acquire UK's cheese maker Wensleydale Dairy Products . November 26, 2021 . foodprocessing-technology.com . November 26, 2021 . https://web.archive.org/web/20211126200049/https://www.foodprocessing-technology.com/news/saputo-wensleydale-dairy/ . live .

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