08:24 AM EDT, 06/24/2024 (MT Newswires) -- Saputo Inc. ( SAPIF ) , which claims to be one of the 10 ten dairy processors in the world, announced Monday it has completed the previously announced sale of two fresh milk processing facilities located 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 C$95 million (A$105 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, a statement noted.

"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, in the statement.

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.