(Updates with further details and CEO Comment)
April 3 (Reuters) - Australia's No. 2 grocer Coles Group (COL) on Monday said it acquired two automated milk processing facilities from Saputo Dairy Australia for A$105 million ($70.13 million) in a move to expand its milk supply.
The processing facilities in Victoria and New South Wales can each process around 225 million litres of milk a year and are currently are predominantly used to process Coles Own Brand 2L and 3L milk, the company said in a statement.
"Whilst improving security of our milk supply and our supply chain resilience in the dairy sector, these facilities also have sufficient capacity to facilitate further growth opportunities through new product innovation," said Coles CEO Steven Cain.
The acquisition will be funded through the grocer's exiting debt facilities and is expected to be completed in the first half of fiscal 2024.
($1 = 1.4972 Australian dollars)
News: COL UPDATE 1-Australia's Coles buys two milk processing facilities from Saputo Dairy Australia
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