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Maple Leaf Foods Announces Near-Term Plan to Expand its Plant Protein Capacity
Maple Leaf Foods Announces Near-Term Plan to Expand its Plant Protein Capacity ...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n \n \n \n Maple Leaf Foods Announces Near-Term Plan to Expand its Plant Protein Capacity\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 MISSISSAUGA, ON\n \n ,\n \n Jan. 11, 2021\n \n /CNW/ - Maple Leaf Foods (\"Maple Leaf Foods\" or the \"Company\") (TSX:MFI) announced today that its wholly-owned subsidiary, Greenleaf Foods, SPC, a leader in plant protein products, is advancing plans to increase tempeh production capacity through the acquisition and planned build-out of a food processing plant in\n \n Indianapolis, Indiana\n \n (the \"Project\").\n \n \n \n \n \n \n \n \n \n Driven by growing demand for its Lightlife® tempeh products, phase 1 of the Project involves the acquisition of a 118,000 square foot plant in\n \n Indianapolis\n \n which is expected to close in early April, and the installation of tempeh production equipment with initial capacity of approximately 4.5 million kilograms. The acquisition is subject to typical closing conditions, including completion of due diligence.\n \n \n Based on early pre-engineering for the build-out of the plant, the estimated cost of the Project, including the acquisition cost, is approximately\n \n US$100 million\n \n . Initial production at the plant is targeted to begin in the first half of 2022, and when fully operational it will employ approximately 115 people. If demand for tempeh continues as expected, the plant offers the flexibility for the Company to proceed with a second phase of the Project which could include doubling the capacity.\n \n \n Building additional capacity for tempeh products aligns with the Company's goal of maintaining its market leadership position in this category and is consistent with its strategy to build capacity in support of the high-growth plant protein business through the effective deployment of capital.\n \n \n \"Maple Leaf Foods has been purposeful in executing a multi-tiered strategy focused on capital efficiency. To date, we have found ways to leverage the capacity of our existing plant protein manufacturing assets, wh...