Food Business News - June 18, 2013 - (Page 25)

Lino Saputo Jr., chief executive officer and vice-chairman of the board of Saputo, Inc. and sells, you’ve got quite a few national competitors, as well as some — and perhaps even more, regional players that could really fit our platform and be a real nice tuck-in business for us. I think there are multiple targets out there. It’s a question of finding the right one, finding one that has a desire to sell as much as we have a desire to buy them.” Mr. Saputo made the comments during a conference call to discuss his company’s financial results during fiscal year 2013, ended March 31. For the year, Saputo saw its net income increase 26% to C$481.9 million ($466.23 million), equal to C$2.44 ($2.36) per share on the common stock, when compared to fiscal 2012. Sales for the year rose 5% to C$7,297.7 million ($7,070 million) compared with the previous fiscal year. “This fiscal year was highlighted by many important decisions, including the consolidation of distribution activities in the greater Montreal area, the announced closure of two Canadian plants, one in Winkler, Man., and the other in Warwick, Que., and our exit from the European market,” Mr. Saputo said. “This year was also characterized by the acquisition of Morningstar Foods, which complements our existing portfolio in the United States and will allow us to continue to develop new and existing platforms. Now known as Saputo Dairy Foods USA, this June 18, 2013 confident in our ability to develop new platforms and new markets, mainly through acquisitions. We are always on the lookout for new ways of working more efficiently and we continuously adjust our approach to take advantage of opportunities.” With regards to the Morningstar acquisition, the company said it provides expansion and diversification opportunities in dairy offerings to customers, as well as possibilities to further develop platforms in the United States and other countries. “In fiscal 2014, we will continue to evaluate possible synergies stemming from the acquisition, and focus on activities aimed at improving Morningstar’s overall efficiencies,” the company said. New products to be introduced in the United States during fiscal 2014 include Treasure Cave, a line of flavored blue cheese products; a premium line of snack cheeses; and Frigo Cheese Heads, which will feature a pairing of a beef-type product with string cheese. For the fourth quarter of fiscal 2013, Saputo recorded net earnings of C$100.5 million, or C65c per share on the common stock. During the fourth quarter of fiscal 2012 the company recorded a loss of C$2.6 million. Sales for the quarter were C$2,053.3 million, an increase compared with C$1,703.5 million in the fourth quarter of fiscal 2012. FBN Copyright © 2013 DuPont or its affiliates. All Rights Reserved. The DuPont Oval Logo, DuPont ™ and all products denoted with ® or ™ are registered trademarks or trademarks of E.I. du Pont de Nemours and Company or its affiliated companies. division complements the activities of our Cheese Division USA and offers increased value for customers and consumers. “Though Saputo Dairy Foods represents a sizable acquisition, we continue to have the human and financial resources to pursue growth through acquisitions. We are ranked among the top 10 dairy processors in the world, and we believe in the importance of embracing a global perspective for long-term growth. “As we look to the future, we remain ...OFF THE SHELF. Watch how we cultivate knowledge and bring innovation to the products you make at MONTREAL — Lino Saputo Jr., chief executive officer and vice-chairman of the board of Saputo, Inc., made it clear on June 5 that his company’s acquisition of Morningstar from Dean Foods may be just the beginning of a buying spree for the company. “You’re asking how likely is it?” Mr. Suputo said in response to a securities analyst’s question regarding the potential for additional acquisitions. “I think it’s very likely. I think there are — in that space, and in the categories of products that Dairy Foods processes IT TAKES KNOWLEDGE TO MAKE FOOD FLY... Morningstar buy may be just the beginning for Saputo FOODBUSINESS NEWS ® 25

Table of Contents for the Digital Edition of Food Business News - June 18, 2013

Food Business News - June 18, 2013
Diamond Foods challenged by walnut supply and Emerald relaunch
Market Insight: Mid-year commodity outlook
Fruitful ice cream options
Table of Contents
Web Contents
Editorial - Proposed SNAP cuts will be felt throughout the food sector
Flavored milk to grow at double the rate of white milk
Smucker exits bulk coffee, remains bullish on K-Cups
C.e.o. in unsolicited takeover bid for Dole
Heinz acquisition completed, new c.e.o. takes over
Mondelez to offer coffee pods compatible with rival’s system
Tyson Foods expands prepared foods portfolio with acquisition
Nielsen honors Breakthrough Innovation winners
Taco Bell taking charge of breakfast
Expanded breakfast helps lift McDonald’s May sales
McCormick & Company sees growth ahead from innovation and acquisitions
Wal-Mart doubles-down on fresh produce promise
Morningstar buy may be just the beginning for Saputo
Target delves deeper into organics
PepsiCo hires chief marketing officer
Wenner sees winner in Pirate Brands acquisition
Single-serve coffee' harbinger of things to come at TreeHouse'
Washington - Senate passes farm bill, stage set for debate over SNAP cuts
Sports Nutrition - Improved performance
Ingredient Innovations - Diverse Dynamos for Digestion
I.F.T. to convene in Chicago
New Food Products
Ingredient Market Trends - Imports from Mexico send U.S. sugar stocks to record highs
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - June 18, 2013