Robert Byrne, director of Industry & Regulatory Affairs at Schreiber told DairyReporter.com that the deal would allow the company to expand its growing yoghurt business.
The acquisition will enable Schreiber to create “additional value” for its customers by providing it with a larger network of production and coast-to-coast distribution facilities, said the company.
The deal is expected to close in the first quarter of 2011.
Mike Haddad, Schreiber’s president and CEO, said, “Yoghurt is a dynamic and exciting category that will play an integral role in Schreiber’s mission to be the world’s leading customer-brand dairy company.”
He said the company was “deep” into many strategic initiatives aimed at advancing its yoghurt capabilities however, the company said it could not reveal any further information about these plans.
The proposed acquisition includes production facilities in Fullerton, California, and Richland Center, Wisconsin, as well as yoghurt production assets from Dean Foods’ facility in Friendship, NY. Further details of the transaction were not disclosed.
Schreiber is an employee-owned dairy company with annual sales of more than $4bn.
The company, which sells products such as cream cheese, process cheese and yoghurt, has manufacturing, distribution and sales facilities in the United States, Austria, Brazil, China, Germany, India, Mexico and Uruguay.