Thursday, September 7, 2017
Agropur Cooperative and Agrifoods International Cooperative Ltd. have concluded an agreement whereby Agropur will become the sole owner of Ultima Foods Inc.
Ultima Foods was previously a 50-50 joint venture of the two Canadian dairy cooperatives. With more than 40 years of expertise in the yogurt business, Ultima Foods has been a consistent success in terms of market share and is known as a major innovator in the yogurt category, including its iögo and Olympic brands.
“Our partnership with Agrifoods has been exceptional and I want to thank our partner for its historical commitment in jointly developing Ultima Foods. This transaction continues along the course we have charted and will support our long-term development in the yogurt category,” said René Moreau, president of Agropur.
Tim Hofstra, president and chair of Agrifoods, said the transaction "will create the optimal condition for Ultima Foods’ development and will enable the company to remain in the hands of Canadian dairy producers.”
Ultima Foods employs approximately 660 people in Canada and operates two plants, in Granby, Quebec and Delta, B.C. The acquired business has total annual sales of more than $300 million. The transaction will augment Agropur’s range of products in the fresh dairy market and Ultima Foods will continue to be the only national Canadian-owned yogurt-maker.