Million euro deal for bakery operation
Wednesday that it will buy all of Maple Leaf's other bakery
operations and consolidate them in a C$266 million (€168m) deal,
including debt, that will transform it into a global business.
Canada Bread, a unit of Canada's Maple Leaf Foods, said on Wednesday that it will buy all of Maple Leaf's other bakery operations and consolidate them in a C$266 million (€168m) deal, including debt, that will transform it into a global business.
The other bakery operations of Maple Leaf Foods operate in the United States and Britain and include the recently purchased Grace Baking Co. in the United States.
"This ownership restructuring provides Maple Leaf, through its ongoing 68 per cent ownership in Canada Bread, a continuing interest in the bakery business, where we have a substantial long-term commitment," said Michael McCain, president and chief executive of Maple Leaf Foods.
"Fully integrating these two organisations will further enhance growth opportunities and transform Canada Bread from a Canadian baking company to a global baking company with significant capabilities across fresh, par-baked and artisan bread product lines."
The acquisition is expected to add to Canada Bread's earnings and be neutral to Maple Leaf Food's profits, the company said.