Business
Maple Leaf Advances Leadership in Rapidly Growing Plant-Based Protein Market with Construction of a World-Class Production Facility
Maple Leaf Advances Leadership in Rapidly Growing Plant-Based Protein Market with Construc...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n\n\n\nMaple Leaf Advances Leadership in Rapidly Growing Plant-Based Protein Market with Construction of a World-Class Production Facility\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, April 8, 2019\n\n\n\nTSX: MFIwww.mapleleaffoods.com\nInvestment Community Conference Call April 8, 2019 at 10:00 AM EST \n MISSISSAUGA, ON, April 8, 2019 /CNW/ - Maple Leaf Foods Inc. (\"Maple Leaf\" or the \"Company\") (TSX: MFI) and its wholly owned subsidiary, Greenleaf Foods, SPC, today announced plans to construct a US$310 million plant-based protein food processing facility in Shelbyville, Indiana. At approximately 230,000 square feet, it will be the largest facility and investment of its kind in North America. The Company will also invest approximately US$26 million to keep pace with ongoing growth in demand at its existing facilities. This strategic initiative will support Maple Leaf's continued growth and leadership in the rapidly expanding market for plant-based protein.\n\n \n \n\n \n\"With Lightlife and Field Roast, we own the leading brands in the North American refrigerated plant-based protein market,\" said Michael H. McCain, President and CEO. \"This investment will secure our ongoing leadership in this rapidly expanding market. By establishing a large-scale North American network, we will continue to meet rapidly growing demand for delicious protein alternatives and create a centre of excellence for innovation. It will escalate the financial contribution of this business and advance Maple Leaf's vision to be the most sustainable protein company on earth.\"\nThe new Shelbyville facility will be supported by approximately US$50 million in government and utility grants and incentives, including US$9.6 million toward capital and one-time start-up costs, and approximately US$40 million in 10-year operational support. Maple Leaf expects to incur one-time start-up costs of US$34 million and will fund this strategic initiative through a combination of cash flow from operations and debt.\nThis expande...