TORONTO, Aug. 17 /CNW/ - Canada Bread Company, Limited (CBY: TSX) today
announced that it has acquired U.K.-based craft bakery, La Fornaia Limited,
for GBP18.75 million (approximately CAD$40 million).
La Fornaia is a leading producer of a wide range of premium quality and
hand-crafted breads, with annual sales of approximately GBP23 million. The
company employs approximately 300 people at its 54,000 sq. ft. modern bakery
plant in Park Royal, London, and markets its products to major retailers and
foodservice companies throughout the United Kingdom and Europe.
"La Fornaia has a long-standing excellent reputation for producing
hand-crafted bread products, using traditional methods and the finest
ingredients, supported by a highly skilled workforce and strong innovation
capabilities," said Richard Lan, President and Chief Executive Officer of
Canada Bread. "This acquisition will significantly expand our presence in the
high-end artisan bread market and broadens the portfolio of products we can
supply to our customers."
The La Fornaia acquisition increases Maple Leaf Bakery U.K's network of
production facilities to seven and further solidifies its position as a
leading specialty bakery in the United Kingdom. Maple Leaf Bakery U.K.
produces a range of products, including bagels, croissants, in-store bakery,
hand-held snacks and artisan breads, for its customers across the United
Kingdom and in Europe.
Canada Bread Company Limited, which is 88% owned by Maple Leaf Foods
Inc., is a leading manufacturer and distributor of fresh, frozen and par-baked
bread, rolls and bagels, sweet goods and specialty pastas and sauces. Canada
Bread markets products under leading brands, including Dempster's, POM, Bon
Matin and Olivieri in Canada and the New York Bagel brand in the United
For further information:
For further information: Lynda Kuhn, (416) 926-2026