Dec. 10, 2012
/CNW/ - Maple Leaf Foods Inc. (TSX: MFI) today announced that it has entered into a definitive agreement to sell its potato processing facility in
to Cavendish Farms, an affiliate of J.D. Irving Ltd.
facility employs approximately 135 people and makes a variety of frozen French fries, hash browns and specialty potato products. The business has annual sales of approximately
and markets its products to domestic and international customers. Maple Leaf will realize proceeds of approximately
from the sale, which includes inventory and working capital, which will be used to pay down debt. The transaction is expected to close by the end of December, 2012.
"This business will be in good hands in a company that is focused on growth in the value added potato business," said
, President and CEO. "The quality of our products and strength of our people, customer and producer relationships were pivotal to completing this agreement," said
, President and CEO, Maple Leaf Foods.
Cavendish Farms is a producer of frozen potato and appetizer products and a leader in the food industry. It supplies North American and international customers for retail, restaurant and institutional use. For more information, visit the company's website at
Maple Leaf Foods is a leading Canadian meat, meals and bakery company committed to delivering nutritious and innovative food products to consumers around the world. Headquartered in
, the Company employs approximately 19,500 people at its operations across
the United States
. For more information, visit
SOURCE Maple Leaf Foods Inc.