Saputo Plans $181 Million Dairy Processing Plant in Port Coquitlam

From the Daily Herd

Canadian dairy processor Saputo continues to expand operations globally with a new US$181.4 million facility (CAN$240 million) being planned in Western Canada.

Saputo announced the finalized plans during the company’s second quarter earnings callwhere it was reported that the new facility in Port-Coquitlam, British Columbia will help continue to serve the region.

In order to finance the plant construction, Saputo sold an existing plant in Burnaby, British Columbia during October 2018 for US$158 million (CAN$209 million). The sale will result in an after tax gain of US$126.3 million (CAD$167 million) in the third quarter of fiscal 2019. Saputo will lease the facility in Burnaby until 2021 when the Port-Coquitlam plant is expected to be operational.