TORONTO, May 23, 2014 /CNW/ - Maple Leaf Foods Inc. (MFI: TSX) ("Maple Leaf" or the "Company") today announced that Grupo Bimbo, S.A.B. de C.V. of Mexico ("Grupo Bimbo") has completed its previously announced acquisition of Canada Bread Company, Limited ("Canada Bread").
Maple Leaf will receive gross proceeds of approximately $1.66 billion (which includes its share of the dividend paid upon closing of the Arrangement) in connection with the closing of the transaction.
"This is a milestone for Maple Leaf Foods," said Michael H. McCain, President and CEO. "With the sale of Canada Bread, our focus is dedicated to broadening our leadership in the consumer packaged meats market. With the completion of our network strategy this year, we will have low cost assets, leading brands and market shares and the financial flexibility to accelerate profitable growth and return for our shareholders."
About Maple Leaf
Maple Leaf Foods is Canada's leading consumer packaged meats company, headquartered in Toronto, Ontario. The Company makes high quality, great tasting, nutritious and innovative food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders Country Naturals® and Mina™. Maple Leaf has operations across Canada and exports to more than 20 global markets including the U.S. and Asia.
Forward Looking Statements
This document may contain "forward-looking information" within the meaning of applicable securities law. Such statements include, but are not limited to, statements regarding profitable growth and returns to shareholders. These statements are not guarantees of future events and involve assumptions and risks and uncertainties that are difficult to predict. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking information. Maple Leaf does not intend to, and Maple Leaf disclaims any obligation to, update any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Maple Leaf Foods Inc.
For further information: Investor Contact: Nick Boland, Vice President, Investor Relations, 416-926-2005?; Media Contact: David Bauer, Corporate Communications, 416-926-2020