Rod Smith at Feedstuffs Magazine recently reported this business transaction. Here’s a news update for the day…

Saputo Inc., Canada’s largest dairy, announced today an agreement to acquire F&A Dairy of California Inc. in Newman, Cal. F&A manufactures and markets principally mozzarella and provolone cheese and whey and had 2008 sales totaling $140 million, according to the announcement. The company employs 113 people.

The acquisition will be a cash deal and will be completed in late July. Terms were not released. Saputo said F&A will complement its U.S. activities.

Saputo Inc. is a Montreal based Canadian dairy company. Founded as a cheese store in 1954 by Italian immigrant Giuseppe Saputo, today Saputo’s business includes cheese, baked goods and milk production. Saputo operates in Canada, as well as in the United States and Argentina. It is the largest dairy processor in Canada. About a third of its revenues come from the company’s operations in the United States.