Saputo Inc. has entered into an agreement to acquire the activities of Schneider Cheese Inc., a U.S. company that manufactures and sells string cheeses and cheese sticks under the Schneider brand name and other private labels.
The purchase price is $23.9 million on a debt-free basis, payable in cash from liquidity and/or by drawing on available lines of credit. The closing of the transaction is subject to the usual conditions and is anticipated before the end of May 2005.