Saputo Inc. announced it has completed the previously announced sale of two fresh milk processing facilities in Laverton North, Victoria, and Erskine Park, New South Wales, to Coles Group Limited, an Australian-based supermarket, retail, and consumer services chain, in a transaction valued at approximately CDN$95 million.

The completion of this transaction is part of the company’s overall network optimization strategy, one of the pillars of its Global Strategic Plan.

“This sale reinforces our roadmap for long-term success in Australia and demonstrates our agility in further adapting our manufacturing footprint to focus on higher-value growth opportunities,” said Lino A. Saputo, chair of the board, President, and CEO.

As part of the sale, Saputo is maintaining its valued farmer relationships in Australia and will continue to have fresh milk products processed at the two manufacturing facilities. The employment of approximately 48 people across the two sites was transferred to Coles Group Limited.