Scotsburn approves sale of fluid milk division to Saputo

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SCOTSBURN – Members of Scotsburn Co-operative Services Limited voted unanimously in favour Wednesday of a proposed agreement to sell Scotsburn’s fluid milk division to Saputo.

The vote took place at the co-operative’s Annual General Meeting in Stellarton.

“This is a tremendous vote of confidence in Scotsburn’s growth strategy that’s focused on ice cream and novelty products,” said Jim Burrows, a dairy farmer and co-operative member who chairs Scotsburn’s board of directors. “On behalf of my colleagues on Scotsburn’s board, I would like to thank our fellow co-operative members – many of whom are also dairy farmers – for taking the time to attend this important meeting to endorse this future direction.”

According to the sale agreement, Saputo will pay Scotsburn $61 million for the assets related to the fluid milk division, excluding $8 million of working capital items. The agreement is still subject to regulatory approvals, including the Competition Bureau of Canada.

It is scheduled to be finalized by the end of March 2014.

Organizations: Saputo, Competition Bureau of Canada

Geographic location: Scotsburn, Stellarton

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  • Cecil
    January 30, 2014 - 11:05

    The dismantle of Scotsburn Is another blow to the county. Scotsburn village lost feed store , everything else that was built over time. The dairy in Stellarton is closing and will be just a warehouse and distribution site with most of the jobs leaving and going to Truro .The board is patting each other on the back while screwing the county out of jobs ,another economic blow to the county. Just a reminder that corporate greed is alive and well .

  • EdmundGerber
    January 30, 2014 - 07:48

    Scotsburn approves? I don't - we'll have to look elsewhere for our dairy needs after 50+ years with Scotsburn. Saputo? Get my milk from that mob? Pass....