The board of directors of Alto Dairy have unanimously approved the sale of the company’s assets to Saputo Cheese USA Inc. The final approval will come from the cooperative’s members at a special meeting to be held on Wednesday, February 28, 2008 in Fond du Lac, Wis.
Alto Dairy announced today that it has entered into an agreement to sell its assets to Saputo Cheese USA Inc. for total consideration of $160 million.
“Alto Dairy is an industry leader and we have a solid strategy for our business, making the cooperative attractive to strategic partners and buyers. The cooperative will receive full market-value for its business and we are looking forward to presenting this opportunity to our members,” stated Rich Scheuerman, Alto Dairy’s President and Chief Executive Officer.
“Saputo has extensive dairy experience with facilities in Canada, Argentina, Germany, United Kingdom and across the United States, which will undoubtedly help Alto Dairy’s manufacturing facilities grow in the future. This deal will only improve the long-term viability of the business, provide increased job stability and a stable home for milk for dairy producers in Wisconsin,” said Scheuerman.
“Assuming the sale is approved, our members will have a strong partner in Saputo with the ability to reinvest in our manufacturing facilities,” said Howard Zellmer, Chairman of the Alto Board of Directors.