Scott Mann, MP for North Cornwall, has welcomed the news that Canadian company Saputo has purchased Dairy Crest in a deal worth almost one billion pounds.
Dairy Crest who own the Davidstow cheddar plant in North Cornwall, produce the well-known Cathedral City brand and have recently announced £75m of investment in the site which will raise their production to 77’000 tonnes.
Commenting on the Acquisition, Lino A. Saputo Jr, Chairman of Saputo Inc, said:
"Dairy Crest is an attractive platform for Saputo and fits well within our growth strategy. We believe that under Saputo ownership, Dairy Crest will be able to accelerate its long-term growth and business development potential and provide benefits to Dairy Crest's employees and stakeholders. This recommended offer represents a compelling opportunity for Dairy Crest Shareholders, providing immediate value certainty."
Mark Allen, Chief Executive of Dairy Crest commented on the deal, saying:
“I am happy to confirm that Dairy Crest’s contracts and relationships with our farmers - including those across Cornwall - will not be affected by the transaction. Their skill and expertise are fundamental to the value of our business. Furthermore, the high standards to which Dairy Crest farmers operate will be unchanged.”
Scott Mann MP for North Cornwall said:
“I am delighted with the news that Saputo has decided to invest almost one billion pounds by purchasing Dairy Crest. This type of acquisition shows that the UK is open for business and I am very happy that the existing relationships with North Cornwall’s farmers and workers will be built upon. Foreign direct investment in the UK is already at record levels and this once again illustrates the strength of the food and drink sector in the South West."