Saputo announced this week that it plans to spend $240 million to build a new processing plant at Port Coquitlam, close to Vancouver.
It also plans to sell its plant at Burnaby, but did not reveal who is buying it. It will pay rent to continue processing there until its new plant is ready in fiscal 2021.
Saputo reported fourth-quarter net earnings of $130 million compared with $165.2 million for the same quarter last year. Revenues were up slightly to $2.74 billion from $2.72 billion.
For the year, net earnings were $852.5 million on $11.54 billion in revenues, an increase from $731 million on $11.16 billion last year.