SCOTSBURN, N.S. – Nova Scotia-based Scotsburn Co-operative Services Ltd. has announced an agreement-in-principle to purchase Les Aliments Lebel Foods Inc. of Quebec.
Scotsburn president and CEO Doug Ettinger says the purchase of Les Aliments Lebel Foods will allow his company to grow as a producer and supplier of ice cream products across Canada.
The president of Les Aliments Lebel Foods, Gaetan Lebel, would continue to oversee operations for Scotsburn at the plant in Lachute, Que., under the terms of the deal.
That plant employs about 160 people.
The proposed purchase price has not been disclosed.
The final closing of the transaction is expected to take place by March.
Last week, Saputo (TSX:SAP) signed a $61-million deal to buy Scotsburn’s milk business.
That deal, which is subject to approval from co-operative members and regulators, is also expected to close around March.
Note to readers: This is a corrected story. A previous version had the wrong first name for Scotsburn’s president and CEO.