MONTREAL - Quebec's largest agri-food company, La Coop federee, says the Competition Bureau of Canada has given the green light to its acquisition of the pork and milling assets of F. Menard.
The deal announced July 9 would add a company that processes more than 1.1 million hogs annually representing more than 15 per cent of Quebec's pork production.
The transaction, whose purchase price hasn't been disclosed, is expected to close Jan. 6. It includes hog farms, pork processing and further processing plants, two specialized butcher shops and a transport fleet, as well as two mills.
F. Menard employs more than 1,200 people.
Executive director Luc Menard said the purchase by the co-operative and its Olymel and Sollio Agriculture divisions represents the best solution for the continued growth of the company that his family has run for nearly 60 years.
The agreement continues a long-term trend of consolidation in Canada's pork sector, the seventh largest in the world and the third-largest exporter, according to the Agriculture Department.
"This acquisition strengthens our ability to compete with world-class companies and consolidate our position in domestic and international markets," said Ghislain Gervais, president of La Coop federee.Source : FCC