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CDPQ has increased its stake in dairy company Saputo by purchasing shares for CAD 378 million (approx. $280 million).

CDPQ's stake in Saputo now totals approximately 4.5%, following the acquisition of 13.5 million shares at CAD 27.96 (approx. $20.69) each. The investment company first acquired a stake in Saputo in 1997.

Founded in 1954 in Montreal, Canada, Saputo produces a wide range of dairy products in Canada, Australia and Argentina, among other countries, and is one of the three largest cheese manufacturers in the US and the leading producer of branded cheese and dairy spreads in the UK.

Kim Thomassin, executive VP and head of Québec at CDPQ, said: "CDPQ is proud to continue supporting Saputo, a leading Québec company, by increasing its stake in this world leader in dairy processing".

"We've been a shareholder of the company for nearly 30 years, and this investment aligns with our strategy to foster the emergence of North American and international champions while generating benefits for Québec."

#CDPQ #Saputo #Canada