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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "pageNumber": 65,
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  "notes": "The slide uses a comparison table to frame Saputo's capital allocation as insufficient relative to industry peers.",
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      "kind": "callout",
      "text": "These combined investments pale in comparison to what peers are spending.",
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      "text": "Investment US$ mm: $1,000",
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      "text": "Based on recent announcements, there is substantial new cheese production capacity and investment coming to the U.S. market, highlighted by Leprino's billion dollar investment in a mega facility in Lubbock, Texas. By comparison, Saputo recently announced it plans to invest C$169m (US$133m) towards modernization and expansion of its cheese manufacturing facilities in Wisconsin and California.(1) Based on recent reports, $88m is for its Franklin, WI facility. It is also spending $30m in New Mexico. These combined investments pale in comparison to what peers are spending.",
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      "text": "Source: Spruce Point Analysis. (1) Saputo Press Release, Feb 8, 2022",
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      "text": "Recent U.S. Cheese Capacity Expansions table",
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      "kind": "title",
      "text": "Modern Capacity And Investment In The U.S. Market Dwarfs Saputo's Investment",
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