The membership of Alto Dairy has approved the sale of its assets to Saputo Cheese USA Inc. for $160 million.
The transaction, which was unanimously approved by Alto Dairy’s board of directors last month, was supported by 98-percent of the cooperative’s members who attended a special meeting in Fond du Lac yesterday.
“This is an historic day for the Cooperative,” said Alto Dairy CEO Rich Scheuerman. “The approval of the sale will strengthen the business by improving the long-term viability of our manufacturing facilities, providing job stability and a long-term purchaser of milk for dairy producers in Wisconsin.”
Saputo has extensive dairy experience with facilities in Canada, Argentina, Germany, United Kingdom and across the United States, which will help Alto Dairy’s manufacturing facilities grow in the future. The Canadian-based firm says the deal is part of a strategic orientation that will help them expand in the U.S. market.