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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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      "text": "During fiscal 2022, we spent approximately $56 million to comply with existing environmental laws and regulations...",
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      "text": "Spruce Point is concerned by Saputo's increasing spend on environmental compliance spending, which we believe is indicative of its aging manufacturing facilities and frequent challenges complying with environmental laws.",
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      "text": "Environmental Compliance Costs Generally Higher Than Forecasted And Keep Increasing",
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      "text": "Environmental Compliance Costs: 55%",
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      "text": "During fiscal 2022, we spent approximately $56 million to comply with existing environmental laws and regulations and improve plant efficiencies to reduce noise and air emissions and wastewater discharge, to update or remove underground storage tanks, to address contamination issues, and to improve wastewater treatment systems at a number of our facilities, and we spent less than $450,000 in costs associated with obligations related to closed facilities. For fiscal 2023, we estimate that similar types of expenditures will be incurred, representing approximately $64 million and less than $250,000. — Saputo Latest Disclosure",
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      "text": "Source: Saputo Annual Information Forms; 1) A Statement From Dairy Crest, 6/23/22; 2) One of U.K.'s biggest dairy firms fined £1.5m for polluting Cornwall river, The Guardian, 6/23/22",
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