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Maple Leaf Launches Sale Process for Burlington Pork Plant....Any Speculation on Buyers? Thoughts?
TORONTO, May 25, 2010 /PRNewswire via COMTEX/ --Maple Leaf Foods (MFI: TSX) today announced that it is launching a formal sale process for its Ontario pork processing business located in Burlington, Ontario, following renewed interest from potential purchasers and improved economic conditions and credit markets. The Company has engaged financial advisors to support the sale process.
"The sale of the Burlington business will complete the last phase of Maple Leaf's protein transformation journey and supports our commitment to refocus our growth in the value-added meat, meals and bakery business," said Michael Vels, Chief Financial Officer. "We are reinvigorating the sale process following renewed interest, including the potential of completing a sale to a producer group."
The 365,000 square foot Burlington facility is one of the largest and most efficient pork processing facilities in Canada. Together with its management and sales teams it is a profitable business with a highly skilled workforce.
Maple Leaf Foods Inc. is a leading Canadian food processing company headquartered in Toronto, Canada. The Company employs approximately 23,500 people at its operations across Canada and in the United States, Europe and Asia. The Company had sales of $5.2 billion in 2009.
SOURCE Maple Leaf Foods Inc.
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Replies to This Discussion
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Permalink Reply by John Schwartzentruber on
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Speculation? A consortium of feed millers and a trucking co. to name a couple of the probable suspects. Purely on speculation, but you asked . . .
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Permalink Reply by pigsrgr8 on
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I am sure Maple Leaf will not want to sell it to a new competitor.......they still want to process the meat and sell the value added Maple Leaf and Schneiders branded products.
I just hope they can find someone who wants it and will keep it running.
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I hope they sell it to someone who will keep it running for the employees. They are all hardworking people. I worked for Maple Leaf for 31 years and just retired last June. Good luck to all the employees!
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