Canadian dairy-products giant Saputo Inc. (SAP.T) said Monday that it has agreed to buy Dean Foods Co.'s (DF) Morningstar division for $1.45 billion, boosting its product offerings in the U.S. and giving it a broader platform for growth.

Montreal-based Saputo said Morningstar makes a wide range of dairy and non-dairy extended shelf-life products, from cream and milk products to aerosol-whipped toppings and cultured products like sour cream. The purchase of Morningstar, whose products are sold throughout the U.S., will add about 2,000 employees and 10 manufacturing plants. The division's revenue came to about 1.6 billion Canadian dollars ($1.61 billion) in the 12 months to Sept. 30, Saputo said.

The company said the purchase--which is being financed through a newly committed bank loan--will boost its bottom line immediately after the deal closes.

Saputo said that, on a pro forma basis, the combined operations would have had revenue of about C$8.6 billion and net earnings of about C$563 million in the 12 months to Sept. 30. The combined business will have about 12,000 employees and 57 manufacturing plants in five countries.

In addition to Canada and the U.S., Saputo has facilities in Argentina, the U.K. and Germany.

Dean Foods said separately that it will use the proceeds from the Morningstar sale to cut debt.

Write to Carolyn King at carolyn.m.king@dowjones.com

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