TORONTO, April 2 /CNW/ - Maple Leaf Foods (MFI: TSX) today announced that
despite active negotiations with several prospective purchasers, current
economic conditions and credit markets have made it difficult to complete a
satisfactory sale of its Ontario pork processing business located in
Burlington, Ontario. As a result, the Company does not plan to continue a
formal sale process until markets rebound, which will likely not be before
"The current economic conditions and credit markets have created a less
than ideal environment to sell any business," said Michael Vels, Chief
Financial Officer of Maple Leaf Foods. "There is no immediate urgency to
selling the Burlington business. It is an efficient and profitable business
and we want to ensure we negotiate an offer that recognizes the appropriate
value for the business and meets the expectations of our shareholders."
The decision to sell the Burlington business resulted from the Company's
decision to refocus its growth in the value-added meat, meals and bakery
businesses in October 2006, involving the divestiture or exit of several of
its primary processing and other operations. The Burlington sale remains an
important element of Maple Leaf's protein business transformation.
Maple Leaf Foods Inc. is a leading Canadian food processing company
committed to delivering quality food products to consumers around the world.
Headquartered in Toronto, Canada, the Company employs approximately 24,000
people at its operations across Canada and in the United States, Europe and
Asia. The Company had sales of $5.2 billion in 2008.
For further information:
For further information: Michael Vels, Chief Financial Officer, (416)