On Thrusday Agropur cooperative announced they have agreed with Agrifoods international Cooperative to buy back its stake in the joint venture Aliments Ultima and to become the sole owner.
The financial details of the agreement have not been specified.
Ultima Foods, which was owned equally by the two cooperatives, has approximately 660 employees in Canada. The yogurt processor, the only one in Canada owned by Canadian interests, is known for its Iögo and Olympic brands.
Its two plants are located in Granby, Quebec, and Delta, British Columbia.
The transaction is subject to the approval of the usual regulatory authorities, including the Competition Bureau.
Agropur submitted that the transaction was a continuation of its business and would promote its long-term development in the yogurt sector.
“We are always very proud when processing assets remain in the hands of Canadian dairy producers,” said Agropur President René Moreau in a statement.