Business
Hilton Foods and Walmart Canada supply agreement
Hilton Foods and Walmart Canada supply agreement.
About this update from Hilton Food Group Plc
[{"type":"text","content":"\n\n \nHilton Food Group plc\n \nHilton Foods to open first North American food park site, entering long-term supply agreement with Walmart Canada\n \n \nHilton Food Group plc (\"Hilton Foods\" or the \"Group\"), the leading international multi-protein food business, is pleased to announce that it has signed a long-term supply agreement with Wal-Mart Canada Corp (\"Walmart\").\n \nHilton Foods will open a new manufacturing facility in Eastern Canada to supply Walmart's Supercentres with a range of protein products, starting with beef, lamb, pork, seafood and moving into some added-value products. The new Hilton Foods facility will provide robotised store order picking into Walmart's distribution centres.\n \nThis partnership represents a significant step forward for both Walmart and Hilton Foods in fulfilling increasing consumer demand across Canada for high quality, good value and increasingly sustainable protein products. Through the partnership, Hilton Foods will apply its strong ESG credentials underpinned by its Sustainable Protein Plan to the North American market.\n \nIt is proposed that Hilton Foods' newly formed subsidiary, Hilton Foods Canada Inc, will finance the new food packing facilities, with commencement of production targeted for 2026. Hilton Foods intends to lease the production facility and its investment in plant and equipment will be debt funded with principal expenditure commencing in 2024 and continuing throughout 2025. The Group's leverage is expected to remain at comfortable levels during this investment phase.\n \nThis announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.\n \nSteve Murrells, Hilton Foods CEO, commented:\n\"We are delighted to be partnering with Walmart. This agreement further extends our global footprint and will be our first manufacturing facility in North America. It is another sign of the strength of our customer offer, as well as growing consumer demand for high quality, affordable, protein products, which we can deliver through our scale, international experience, and supply chain expertise. Hilton Foods and Walmart share the same high standards of sustainability and we are looking forward to providing Walmart with the service and range of quality products for which Hilton Foods is kn...