In fiscal 2014, the Company will continue to benefit from Morningstar's national manufacturing and distribution footprint and focus on possible synergies. Additionally, the USA Dairy Products Sector will continue to evaluate opportunities from the acquisition of DCI Cheese Company, Inc. enabling it to further penetrate the specialty cheese category, benefit from possible synergies, as well as improve and expand its product offering to all customers.
The Morningstar Acquisition represents a strategic transaction with sizable annual revenues, operating in a familiar dairy product category, which complements the Company's existing US cheese business. It provides expansion and diversification opportunities in dairy offerings to customers, as well as possibilities to further develop platforms in the United States and other countries. In fiscal 2014, we will continue to evaluate possible synergies stemming from the acquisition, and focus on activities aimed at improving Morningstar's overall efficiencies. Administrative and information technology will also be analysed in order to effectively integrate central functions, streamline systems, and adopt an efficient working environment.
The US retail segment will be strengthening our #1 brand leadership in blue cheese by introducing Treasure Cave - flavored line extensions. For our #1 brand leadership in snack cheese, we will be introducing a premium line of snack cheeses. We will also be launching a Frigo Cheese Heads - Beef and Stick/String product offering.
The USA Dairy Products Sector will continue to evaluate opportunities to improve efficiencies in both manufacturing and distribution facilities across the US. The Sector will also continue to monitor fluctuations in dairy markets and take appropriate decisions to mitigate the impact on operations.
The Grocery Products Sector will continue to focus on increasing sales volumes in the snack-cake category. The main focus for fiscal 2014 is the development of sales in the US market. The Sector will continue to evaluate overall activities in an effort to improve efficiencies.
Until this fiscal year, the Company reported its financial results as the CEA Dairy Products Sector, the USA Dairy Products Sector and the Grocery Products Sector. As of fiscal 2014, the Company has realigned its reporting structure and will report under three new sectors. The Canadian Sector will include the Dairy Division (Canada) and the Bakery Division. The USA Sector will combine the Cheese Division (USA) and the Dairy Foods Division (USA). Finally, the International Sector will combine the Dairy Division (Argentina) and the Dairy Ingredients Division. The Dairy Ingredients Division will include national and export ingredients sales, as well as cheese exports from the North American divisions.
For more information on the results of fiscal 2013 and the fourth quarter of fiscal 2013, reference is made to the audited consolidated financial statements, the notes thereto and to the Management's Discussion and Analysis for the fiscal year ended March 31, 2013. These documents can be obtained on SEDAR at www.sedar.com and in the "Investors and Media" section of the Company's website, at www.saputo.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of securities laws. These statements are based, among other things, on Saputo's assumptions, expectations, estimates, objectives, plans and intentions as of the date hereof regarding projected revenues and expenses, the economic, industry, competitive and regulatory environments in which the Company operates or which could affect its activities, its ability to attract and retain customers and consumers, as well as the availability and cost of milk and other raw materials and energy supplies, its operating costs and the pricing of its finished products on the various markets in which it carries on business.
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