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UPDATE 1-Saputo to buy U.S. cheese maker in $160 million deal

Tue Jan 29, 2008 8:28am EST

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(Adds details. In U.S. dollars)

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TORONTO, Jan 29 (Reuters) - Canadian cheese maker Saputo Inc (SAP.TO) said on Tuesday it will buy Wisconsin-based Alto Dairy Cooperative in a $160 million deal expected to close in March.

Alto, which produces Italian and American-style cheeses marketed under a variety of brand names and private labels has two plants in Wisconsin with 467 employees.

Saputo, one of North America's biggest cheese makers, said the deal is a "major step" in its goal to achieve a bigger presence in the United States.

According to Saputo, Alto had sales of $378 million for fiscal 2007 ending June 30, 2007, and earnings before interest, income taxes, depreciation and amortization of $19.6 million on an adjusted basis.

($1=$1 Canadian) (Reporting by Frank Pingue; Editing by Renato Andrade)

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