Saputo Inc. chief executive officer Lino Saputo Jr. cried
about stiff competition in the cheese market, but hauled more profits to the
bank.
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| Lino Saputo Jr. and Sr. |
He said competitors are trying to steal market
share, especially for mozzarella and white cheeses, but said Saputo has decided
to fight back.
‘The pie is not getting any bigger but everyone's
trying to steal someone else's slice of the pie,” Saputo whined.
The company’s sales in the fourth quarter
increased by 20 per cent to $2.05 billion and its profits soared to $100.5
million compared with a loss of $2.6 million for the same fourth quarter last
year.
For the year, profits were $481.9 million
compared with $380.8 million last year.
Saputo is by far the dominant dairy-processing
company in Canada, holding 36 to 38 per cent of the market. In the U.S. it has
about 10 per cent. It also has significant operations in Argentina.
