Saputo Inc. has purchased the Australian cheese business of Japan's Kirin Holdings for about $179 million, reports Reuters. In September 2018, Kirin Holdings began reviewing its Australia-based subsidiary Lion Pty Ltd.'s dairy and drinks business, and was considering a possible sale. The company had yet to find a buyer for the unprofitable unit, which has been facing rising juice prices, tougher competition, and a weakening currency.
The Japanese brewer has been restructuring and reviewing its business portfolio, which spans alcohol, beverages, and food. In 2018, it sold its money-losing Brazilian beer business to Heineken, which it acquired for $3.9 billion in 2011. Full Story
Related: China’s Yili Group Buying New Zealand Dairy Business; Saputo Acquires UK-based Dairy Company.
from Industry Operations http://bit.ly/2XKzX1Z
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