71st Annual General Meeting - Agropur stays its course and continues its growth

LONGUEUIL, QC, Feb. 10 /PRNewswire/ - Despite these uncertain economic times, Agropur has stayed its course, achieving the highest sales and earnings before patronage dividends in its history: $3.1 billion and $138 million, respectively, for the financial year ended October 31, 2009.

Agropur also strengthened its presence in the U.S. with three acquisitions: the Schroeder Milk dairy, in Minnesota, in December 2008; a dairy in Grand Rapids, Michigan, in September 2009; and the Green Meadows Foods cheese plant, in Hull, Iowa, in December 2009. Currently, in the U.S., the Cooperative employs close to 800 people at six plants in Iowa, Michigan, Minnesota and Wisconsin.

"On an annualized basis, Agropur's operations outside of Canada represent between $750 and 800 million in sales, or approximately one-quarter of our revenues. According to our forecasts, in 2010, our U.S. cheese facilities should produce 50% more cheese than our Canadian cheese plants, and twice as much within a few years," stated Agropur's Chief Executive Officer, Pierre Claprood.

"Agropur is focused resolutely on its growth, buoyed by its cooperative values, its dedicated employees and its innovative products. The organization is well positioned to take advantage of global growth in the dairy sector, and is taking steps to establish solid foundations both at home and abroad," added Chairman, Serge Riendeau.

Always at the forefront of market trends, Agropur stepped up once again last year by launching innovative products, such as Natrel Nature~Pure organic milk, Natrel Omega-3 DHA milk, Allegro Probio 7% soft ripened cheese, Allegro low-sodium 4% ricotta and Yoplait Asana yogurt, to name just a few.

Founded in 1938, Agropur cooperative is a market leader in the Canadian dairy industry. It has 3,533 members and 5,225 employees at 27 plants and numerous distribution centres and offices across Canada, the U.S. and Argentina. It processes 3.1 billion litres of milk on an annualized basis and offers an impressive array of products, including such popular brands as Quebon, Oka, Sealtest, Natrel, Island Farms, Yoplait, La Lacteo, Trega and Schroeder.

SOURCE AGROPUR

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