Business
George Weston Limited announces the sale of its Weston Foods Ambient Business
George Weston Limited announces the sale of its Weston Foods Ambient Business C...
About this update from George Weston Limited
[{"type":"text","content":"\n \n \n \n George Weston Limited announces the sale of its Weston Foods Ambient Business\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 15, 2021\n \n /CNW/ - George Weston Limited (\"George Weston\" or the \"Company\") (TSX: WN) today announced that it has signed a definitive agreement to sell the Weston Foods ambient bakery business to affiliated entities of Hearthside Food Solutions, LLC (\"Hearthside\") for aggregate cash consideration of\n \n CAD$370,000,000\n \n .\n \n \n \n \n \n \n \n \n \n \"With the agreement to sell the ambient segment to Hearthside and our previously announced sale of the fresh and frozen businesses, we have two high-quality buyers that are well-positioned to carry on the proud legacy of the Weston Foods business,\" said\n \n Galen G. Weston\n \n , Chairman and CEO of\n \n George Weston\n \n . \"With the sale of the entire bakery business,\n \n George Weston\n \n will be focused on its market-leading Retail and Real Estate businesses going forward.\"\n \n \n \"The Weston Foods acquisition is an ideal complement to our existing production network and business, bringing baking capacity, a roster of premier customers, expanded capabilities, and enhanced geographic coverage. These synergies benefit our current and new customers alike. We look forward to welcoming Weston Foods' 1,100 employees into the Hearthside family.\" said\n \n Chuck Metzger\n \n , Hearthside CEO.\n \n \n \n George Weston\n \n announced on\n \n March 23, 2021\n \n , that it decided to sell its bakery segment and to focus on its Retail and Real Estate businesses. On\n \n October 26, 2021\n \n ,\n \n George Weston\n \n announced that it had entered into a definitive agreement to sell its fresh and frozen bakery businesses to affiliated entities of FGF Brands Inc. for aggregate cash consideration of\n \n $1.2 billion\n \n . Together with the sale of the fresh and frozen business, the sale of the ambient business represents the disposition of\n \n George Weston's\n \n entire bakery business, for an aggregate v...