Dairy products maker Saputo has acquired the fluid milk business of Scotsburn Co-Operative Services for $61m.
Scotsburn Co-Operative offers fluid milk, cream, sour cream, ice cream mix and cottage cheese, primarily under the Scotsburn brand.
It operates two processing plants in Sydney, Nova Scotia, and Mount Pearl, Newfoundland, and has a workforce of about 400 in Atlantic Canada.
The Nova Scotia-based cooperative will continue to focus on its other businesses such as frozen ice cream and frozen novelties.
The acquisition will allow Saputo's Dairy Division (Canada) to strengthen its presence in Atlantic Canada.
The debt-free purchase excludes about $8m of working capital items, and was financed using available credit lines.
In January, Saputo signed an agreement to acquire the fluid milk business of Scotsburn.
