Saputo Inc. (SAP), which won a three-way bidding battle for Australia’s oldest dairy producer, is seeking takeovers in the U.S., Brazil and New Zealand as it bets global demand for will continue to rise.
“Our balance sheet remains strong and we have the necessary resources to integrate multiple acquisitions at the same time,” Lino Saputo, chief executive officer of the Montreal-based company, said on a conference call. “We will continue to look for growth opportunities.”
Saputo, Canada’s biggest milk processor, spent a total of about $536 million in the last six months buying Australia’s Warrnambool Cheese & Butter Factory Co. (WCB) and the milk unit of Canada’s Scotsburn Co-Operative Services Ltd. China’s appetite is helping drive the global demand for milk protein, which is prompting producers to boost output and add export infrastructure through deals.
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