Lino Saputo, Jr, chair and CEO of Saputo, welcomed the ACCC’s ruling. /images/transform/v1/crop/frm/bn2PjhmnXeQx5jJTeKyANk/94352bf4-5047-45a5-8a5b-08044d544481.jpg/r3_0_1196_674_w1200_h678_fmax.jpg, The Examiner's trusted source for property, Lion sells off specialty cheese business for $280 million, Policing a family affair for new constables, Mayor, GM push ahead with suing a ratepayer, Taswater's 'stupid' business decisions costing state millions, councillor claims, Capital works push to continue in the Northern Midlands, Death of Turners Marsh sisters an 'avoidable tragedy'. The recent impact of extreme weather on the cost and availability of milk, combined with discussions with bidders to date in the sale process, have led Lion and its parent Kirin to take the step of recognising a non-cash write down of the carrying value of Dairy & Drinks, including the cheese business. X. X. X. X. The recent impact of extreme weather on the cost and availability of milk, combined with discussions with bidders to date in the sale process, have led Lion and its parent Kirin to take the step of recognising a non-cash write down of the carrying value of Dairy & Drinks, including the cheese business. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. "As we worked through the sale process over the last several months, significant bidder interest emerged in both the whole Dairy & Drinks business and also in the specialty cheese assets on a standalone basis. This is an important milestone in the process of completing this acquisition, which … The sale includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets. Remember me Forgot password? Saputo Dairy Australia Pty Ltd's proposed acquisition of Lion Dairy and Drinks Pty Ltd's cheese business Lion said the non-cash write down of $530 million will not impact the future underlying performance of the Dairy & Drinks business. Saputo announced late in April that it had agreed to pay $280 million for the Lion assets, after Lion put the division up for sale late last year. The owner of Lion Dairy and Drinks has reportedly received three bids for the business including one from Canadian dairy heavyweight Saputo. The Speciality Cheese Business operates two manufacturing facilities located in Burnie and King Island, Tasmania. Lion Dairy & Drinks agree to sell speciality cheese business to Saputo. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo.” The latest move of the dairy giant to Saputo will include selling King Island Dairy, Tasmanian Heritage, South … "When we announced the decision to progress a sale of the Dairy & Drinks business last year, we made clear our intention to identify the best future ownership arrangements for the Dairy & Drinks business, and to ensure both Dairy & Drinks and the Lion business are ideally positioned for growth - with the right people, assets and investment behind their respective strategies," Mr Irvine said. Lion CEO Stuart Irvine announced an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell LDD’s specialty cheese business to Saputo Dairy Australia (Saputo), for AUD 280 million. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. Greenhill & Co Australia have acted as independent financial adviser to Lion. Saputo owns a milk processing plant in Smithton, Tasmania. Credit: Katrin Leinfellner on Unsplash. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Under the deal, announced earlier this year, the Canadian-based dairy giant Saputo would buy the Tasmanian-based cheese business owned by Lion Dairy and Drinks. "Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.". Learn more about Saputo and our commitment to high quality dairy products worldwide. Lion CEO Stuart Irvine announced an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell LDD’s specialty cheese business to Saputo Dairy Australia (Saputo), for AUD 280 million. “We are very pleased with the ACCC’s decision. Today’s sale to Saputo is therefore a logical step and a positive outcome for Lion. On 27 October, Saputo announced the completed purchase of the Speciality Cheese Business, which operates at two manufacturing facilities in Burnie and King Island, Tasmania. All rights reserved, Queensland Dairyfarmers' Organisation. Lion said the non-cash write down of $530 million will not impact the future underlying performance of the Dairy & Drinks business. "We are continuing to consider various pathways forward for the balance of the Dairy & Drinks business and will take the time to ensure we achieve the best possible outcome over the coming period," Mr Irvine said. Canadian dairy giant, Saputo, looks set to take ownership of Lion Dairy and Drinks' specialty cheese business by year's end after the competition watchdog decided it will not oppose the $280 million deal. Lion Dairy & Drinks agree to sell speciality cheese business to Saputo. In April, Kirin and Lion assessed the fair value of the Dairy & Drinks business. Like any family, we are in this together and we are here for you. Indicative offers for the $500 million-odd Lion Dairy and Drinks – which makes and sells milk-based drinks, yoghurts and juices – landed on Lion and adviser Deutsche Bank's desk a fortnight ago and the … After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. Picture: Kelly Barnes A sale would complete Lion's departure from the Australian dairy sector and follows the recent sale of its specialty cheese business to Saputo for $280 million. Canadian dairy company Saputo is to acquire the speciality cheese business of Australia’s Lion Dairy & Drinks – its second acquisition in the country in 18 months. Umesh 29th April 2019. It proposes to acquire Lion’s Tasmanian cheese processing plants, located in Burnie and King Island, as well as Lion’s cheese brands, including South In April 2019 Kirin and Lion assessed the fair value of the Dairy & Drinks business. May 10, 2019 Lion CEO Stuart Irvine announced an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell LDD’s specialty cheese business to Saputo Dairy Australia (Saputo), for AUD 280 million. The sale of Lion Dairy and Drinks is entering the home straight. 25 November 2019: Lion CEO Stuart Irvine today announced that Kirin Holdings and Lion have reached an agreement to sell the Lion Dairy & Drinks business to the China Mengniu Dairy Company Limited (Mengniu Dairy) for AUD $600 million. Saputo Inc. announced Monday that it has completed the acquisition of a major dairy company in Australia, buying specialty cheese company Lion Dairy & Drinks for $249.5 million. "Lion notes that China Mengniu Dairy Company Limited has been awaiting the outcome of the Foreign Investment Review Board review of its proposed purchase of Lion Dairy & Drinks," the statement said. The competition watchdog has raised concerns that dairy farmers could be paid less for their milk under a proposed $280 million deal that would transform the Tasmanian dairy market. Saputo to Acquire the Specialty Cheese Business of Lion-Dairy & Drinks Pty Ltd in Australia ... Nutrilait, Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. If you have trouble logging in, please contact: Customer Sales and Service. Username. Saputo Inc. announces today that it has entered into an agreement to acquire the specialty cheese business (the “Specialty Cheese Business”) of Lion-Dairy & Drinks Pty Ltd. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. Lion has been advised by Deutsche Bank as financial adviser, with King & Wood Mallesons as legal adviser. The recent impact of extreme weather on the cost and availability of milk, combined with discussions with bidders to date in the sale process, have led Lion and its parent Kirin to take the step of recognising a non-cash write down of the carrying value of Dairy & Drinks, including the cheese business. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. Saputo Inc… Lion’s non-cash write down of AUD 530 million does not impact the future underlying performance of the Dairy & Drinks business, which continues to benefit from a highly attractive portfolio of market-leading brands in growing categories – including milk-based beverages, yoghurt and premium juice. The sale agreement is subject to ACCC and Foreign Investment Review Board approvals and other standard closing conditions and is expected to complete within the second half of calendar year 2019. Sign up to receive our Breaking News Alerts and Editor's Daily Headlines featuring the best local news and stories. "We are continuing to consider various pathways forward for the balance of the Dairy & Drinks business and will take the time to ensure we achieve the best possible outcome over the coming period," Mr Irvine said. ASX-listed Bega Cheese has its nose in front in the auction for Lion's up-for-sale dairy and drinks division, after Canadian dairy company Saputo was … A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Lion's chief executive Stuart Irvine confirmed the sale … Lion placed its dairy division on the market last year. Lion D&D Customer Service. "When we announced the decision to progress a sale of the Dairy & Drinks business last year, we made clear our intention to identify the best future ownership arrangements for the Dairy & Drinks business, and to ensure both Dairy & Drinks and the Lion business are ideally positioned for growth - with the right people, assets and investment behind their respective strategies," Mr Irvine said. being able to log in or subscribe. Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. Saputo has completed its acquisition of Lion Dairy & Drinks’ speciality cheese business for $280 million within weeks of the Australian Competition and Consumer Commission (ACCC) clearing the sale. The sale to Saputo will include all of Dairy & Drinks' specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). Saputo is believed to be interested in Lion’s cheese brands, which include Tasmanian Heritage, King Island Dairy and South Cape. Saputo's proposed acquisition comprises Lion's cheese-processing facilities at Burnie and King Island and two dairy farms on King Island. The sale to Saputo will include all of Dairy & Drinks’ specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). Update on the sale of Lion Dairy & Drinks. Since the purchase of the WCB stake in 2013, Lion’s Dairy & Drinks business has made significant progress in its turnaround program, including the sale of everyday cheese assets to WCB in 2015 as part of its tightening focus on core dairy and juice categories. MONTRÉAL, April 26, 2019 (GLOBE NEWSWIRE) -- Saputo Inc. (“Saputo” or “the Company”) (TSX: SAP) announces today that it has entered into an agreement to … Skip to Content. In April last year Saputo acquired Lion Dairy & Drinks’ speciality cheese business for $280 million on a cash-free and debt-free basis. During this time, our thoughts are with all those affected by the Coronavirus disease (COVID-19) around the world. “When we announced the decision to progress a sale of the Dairy & Drinks business last year, we made clear our intention to identify the best future ownership arrangements for the Dairy & Drinks business, and to ensure both Dairy & Drinks and the Lion business are ideally positioned for growth – with the right people, assets and investment behind their respective strategies,” said Irvine. A … news, local-news, Lions, Cheese, dairy and drinks, saputo. His company is aiming to acquire Lion Dairy and Drinks. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. An easy and convenient way to place your orders online Sign in. Lion Dairy & Drinks Portal. MONTRÉAL, Oct. 27, 2019 (GLOBE NEWSWIRE) -- Saputo Inc. (“Saputo” or “the Company”) (TSX: SAP) completed today the transaction announced on April 26, 2019, and acquired the specialty cheese business (the “Specialty Cheese Business”) of Lion Dairy & Drinks Pty Ltd for a purchase price of A$280 million (approximately CDN$249.5 million), on a cash-free and debt-free basis. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). News Saputo to acquire Lion-Dairy & Drinks’ Specialty Cheese Business. Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.”. The national competition regulator has given its tick of approval to the $600 million purchase of Lion Dairy and Drinks by China's Mengniu Dairy Company, rejecting concerns about reduced milk market competition in Victoria's Gippsland region. 1800 000 570. customersalesandservice@lionco.com. In April, Kirin and Lion assessed the fair value of the Dairy & Drinks business. Nov 20, 2020 – 12.59pm or Subscribe to save article ASX-listed Bega Cheese has its nose in front in the auction for Lion's up-for-sale dairy and drinks division, after … Saputo Completes the Acquisition of the Specialty Cheese Business of Lion Dairy & Drinks Pty Ltd in Australia Email Print Friendly Share October 27, 2019 23:37 ET | Source: Saputo Inc. “We are continuing to consider various pathways forward for the balance of the Dairy & Drinks business and will take the time to ensure we achieve the best possible outcome over the coming period,” Irvine concluded. Not an online customer? Lion is also currently exploring the sale of its dairy and drinks business. Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. Password. The sale of Lion Dairy and Drinks is entering the home straight. On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. The Specialty Cheese Business is conducted at two manufacturing facilities located in Burnie and King Island, Tasmania (Australia) and employs approximately 400 people. "Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically." Japanese drinks giant Kirin has finished churning through bids for its up-for-sale local dairy and drinks division. Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings. We can then send you information that you are interested in. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo.” The latest move of the dairy giant to Saputo will include selling King Island Dairy, Tasmanian Heritage, South … MONTRÉAL — Saputo Inc. (“Saputo” or “the Company”) (TSX: SAP) completed today the transaction announced on April 26, 2019, and acquired the specialty cheese business (the “Specialty Cheese Business”) of Lion Dairy & Drinks Pty Ltd for a purchase price of A$280 million (approximately CDN$249.5 million), on a cash-free and debt-free basis. “There are a number of regions around the world where we still have an opportunity to grow,” Mr Saputo said. The ACCC has preliminary competition concerns about dairy company Saputo’s proposed acquisition of the Tasmanian-based cheese business of competitor Lion Dairy & Drinks. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. Facebook; Twitter; Mail; Download Saputo cheese takeover (5.82 MB) Download 5.82 MB. The sale to Saputo will include all of Dairy & Drinks’ specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings. The sale to Saputo will include all of Dairy & Drinks' specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). On Tasmanian Country Hour with Tony Briscoe Share. "Lion notes that China Mengniu Dairy Company Limited has been awaiting the outcome of the Foreign Investment Review Board review of its proposed purchase of Lion Dairy & Drinks," the statement said. On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. 26 April 2019:- Lion CEO Stuart Irvine today provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell LDD’s specialty cheese business to Saputo Dairy Australia (Saputo), for AUD 280 million. Saputo Inc. announced Monday that it has completed the acquisition of a major dairy company in Australia, buying specialty cheese company Lion Dairy & Drinks for $249.5 million. Saputo chief Lino Saputo in Victoria’s Western District in 2014. Order products and manage your account online. Kirin reportedly restarted efforts to offload Lion Dairy & Drinks in September after a move to sell the business to China Mengniu Dairy Co. hit the buffers earlier this year. Lion’s alcohol businesses in Australia and New Zealand, and its Global Markets business unit, are not affected by the Dairy & Drinks sale process. The Australian Financial Review reported Lion Dairy … Share. Saputo gets the cheese from Lion Dairy and Drinks. Machinery Sales; 29 April 2019. Lion to sell Lion Dairy and Drinks Saputo hints at further acquisitions The ACCC did not oppose Saputo's acquisition of MG's assets , after accepting a court-enforceable undertaking from Saputo … Your ad blocker may be preventing you from “As we worked through the sale process over the last several months, significant bidder interest emerged in both the whole Dairy & Drinks business and also in the specialty cheese assets on a standalone basis. 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