Lactalis Canada Inc., formerly Parmalat Canada Inc., a Toronto-based subsidiary of Lactalis Group, said it has reached a definitive agreement with Agropur Cooperative to acquire all shares of its Canadian yogurt business, Ultima Foods Inc. The agreement includes the Iögo and Iögo Nanö yogurt brands, as well as the Olympic yogurt, sour cream and kefir brand. The acquisition is subject to approval by Competition Bureau Canada. Financial terms of the agreement were not disclosed.

The proposed transaction expands Lactalis Canada’s yogourt portfolio of iconic brands, which include Astro, siggi’s and Stonyfield, with the addition of three highly recognizable and popular homegrown yogurt names, Lactalis Canada said.

“As a broadly-based dairy products company in Canada, producing and supplying a wide variety of popular brands, this transaction will reinforce Lactalis Canada’s position in the dairy category and will help enable key customer partners in both the retail and foodservice channels meet the growing consumer demand for yogurt products,” said Mark Taylor, president and ceo, Lactalis Canada.

In addition to the brands, the transaction includes yogurt production facilities in Granby, Quebec, and Delta, British Columbia, as well as the operations at a leased distribution center in Longueuil, Quebec. Lactalis Canada said it will add approximately 450 employees from across the country, who will join the company’s existing 3,500 employees and 30 operating sites, including 17 manufacturing facilities in Ontario, Quebec, Alberta and Manitoba.

“Lactalis Canada’s mission is to build on its family heritage to delight consumers with life-enriching dairy products, while making sustainable economic and social contributions that benefit its people, industry, partners and the communities in which it operates,” added Taylor. “In keeping with our mission, Lactalis Canada is confident that this transaction will positively support dairy farmers, retailers, consumers and the communities of Granby and Longueuil, Quebec, as well as Delta, British Columbia.”