A Word from the Chief Executive Officer
I am proud of our Company’s performance in fiscal 2016, especially when faced with tough challenges in today’s markets. As the quarters of the fiscal year unfolded, we showed remarkable resilience, met our challenges head-on, and turned them around through an innovative approach and hard work. Our accomplishments show we were able to adjust to market headwinds and keep growing our business. Most important, we continue to apply high standards of execution to our newly acquired businesses, as well as our existing operations.
Saputo continues to apply a strategy of growth by acquisition. We acquired in May 2015 the everyday cheese business from Lion-Dairy & Drinks Pty Ltd, and in October 2015, the companies forming Woolwich Dairy (Woolwich), one of North America’s top producers of goat cheese. Woolwich products are a great complement to Saputo’s cheese line and now benefit from our vast supply chain, sales force and customer base both in Canada and the US.
At Saputo, our performance is directly related to the contribution of our employees. Truly, they are the driving force behind our success. Whether it is a management team applying its experience and perspective to a growth opportunity or a loyal employee maintaining the high quality standard of our products, Saputo cannot move forward without the allegiance of our people. I offer both my thanks and my admiration.
In fiscal 2016, we have overcome many challenges. I have no doubt we will continue to find innovative solutions to capitalize on evolving trends and growing markets, and to mitigate volatility in the dairy industry. Our disciplined approach will enable us to further expand our scope and scale around the world. The global dairy industry holds many opportunities for our Company, and we are well positioned to grasp them. Strong values have always been our path to success; they will keep on leading us into a bright future.
Lino A. Saputo, Jr.
Chief Executive Officer and Vice Chairman of the Board