Letter of Intent Signed with Highbury Canco Corporation to Keep Factory
TORONTO, Feb. 27, 2014 /CNW/ - Highbury Canco Corporation (HCC), an
Ontario-based consortium of investors, is pleased to announce that it
has signed a Letter of Intent (LOI) with Heinz to operate the 105-year
old factory in Leamington, Ontario, known as the tomato capital of
Sam Diab, HCC member and the current Factory Manager at the Leamington
facility, said, "As a member of this community, I am honoured to be a
part of this team who is focused on saving important jobs at the Heinz
plant in Leamington. We have a knowledgeable workforce, a vibrant
local community, and this is a solid plan for a bright future." Diab
said, "We are at a critical stage in this process and are relying on
the assistance of our strategic partners to move forward. In the next
few weeks, we will be working closely with Heinz, local farmers, UFCW
459, and all three levels of government."
Under the terms of the LOI, HCC would assume responsibility for the
Heinz Leamington site and transition to manufacturing, co-packing and
distribution of certain products in early July. HCC intends to employ
approximately 250 employees, plus additional seasonal employees. HCC's
growth plan, including subsequent investment in the Leamington site,
would provide additional employment opportunities in the future.
"We believe that our investment in Leamington will become the
cornerstone to providing Ontario's agricultural products around the
world, not just in Canada," said Pradeep Sood, a member of HCC and
spokesperson for the team. "HCC understands how to sell in emerging
markets and we believe we can provide a nimble, proactive,
customer-focused source of Canadian products for the world," said Sood.
Michael Mullen, Senior Vice President of Corporate and Government
Affairs at Heinz, said, "We are delighted that HCC has come forward
with this Letter of Intent to run the factory in Leamington, subject to
completion of the full transaction. We look forward to working with
this experienced and knowledgeable team to build a successful plan, not
only to operate the facility but also to increase its potential."
With looming deadlines surrounding the 2014 tomato crop, HCC hopes to
move quickly through the next steps and confirm the commitments made by
its strategic partners, which are critical to making the LOI a
reality. HCC expects to announce decisions in the next few weeks.
More details will be provided as they become available.
SOURCE: Highbury Canco Corporation
For further information:
Pradeep Sood - Highbury Canco Corporation
Melony Jamieson - Get It Done!