Canada’s Saputo Inc. has announced the completion of the sale of its bakery division, Saputo Bakery Inc., to Ontario-based Canada Bread Co. Ltd, a subsidiary of Grupo Bimbo S.A.B. de CV for $120 million. Saputo is the largest dairy producer in Canada, and one of the top ten in the world. It also ranks as a top three cheese producer in the U.S., and exports its products to over 40 countries. Saputo’s bakery division is the largest snack-cake producer in Canada where it sells its products exclusively on the retail market. In fiscal year 2014, the division posted revenues of $139 million, representing less than 2% of Saputo’s overall revenues. Canada Bread operates 16 bakeries across Canada and is a leading producer of fresh bread and baked goods that are supplied to grocery chains, retail outlets, and foodservice businesses. The selling price of $120 million was transferred in cash at closing.
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