UPDATE 1-Saputo to buy US cheese marketer for $271 mln

* DCI employs 475 people, had 2010 sales of $460 million

* Deal seen closing by March (In U.S. dollars unless noted)

TORONTO Feb 17 (Reuters) - Canadian cheese maker Saputo Inc (SAP.TO) said Thursday it agreed to acquire the parent company of DCI Cheese Co Inc, one of the largest U.S. specialty cheese marketers, for $270.5 million to expand its presence in the lucrative market.

DCI's product portfolio includes more than 100 types of specialty cheeses. It sells products under brand names such as County Line, Great Midwest, Joan of Arc and King's Choice.

DCI, which employs about 475 people, recorded sales of $460 million in 2010.

The deal is expected to close in March.

Fairmount Cheese Holdings Inc is DCI's parent. (Reporting by S. John Tilak, editing by Gerald E. McCormick)