Business
Maple Leaf Foods Announces Sale of Drummondville Poultry Plant to Giannone Poultry
Maple Leaf Foods Announces Sale of Drummondville Poultry Plant to Giannone Poultry ...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n\n\n\nMaple Leaf Foods Announces Sale of Drummondville Poultry Plant to Giannone Poultry\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\nCanada NewsWire\nMISSISSAUGA, ON, July 16, 2020\n\n\n\nMISSISSAUGA, ON, July 16, 2020 /CNW/ - Maple Leaf Foods Inc., (TSX: MFI) today announced the sale of its poultry plant in Drummondville, Quebec, and associated supply, to Giannone Poultry of St. Cuthbert, Quebec.  As part of the sale, Maple Leaf Foods and Giannone have reached a three-year supply agreement that will allow Maple Leaf Foods to maintain its supply of fresh chicken. \n\n \n \n \n \n \n \n\n \nMaple Leaf Foods acquired the plant and supply in 2018 with the purchase of select Cericola Farms assets.  Maple Leaf Foods will continue to own and operate the Bradford, Ontario poultry plant that was also acquired in connection with the 2018 Cericola purchase. The sale of the Drummondville plant is expected to close this summer subject to normal closing conditions and usual regulatory processes.\n\"Core to Maple Leaf's strategy is sustainable and value-added meat protein products,\" said Michael McCain, President and CEO.  \"Over the past few years, our leadership position in this category has grown; however, we are focused on prioritizing capital and optimizing our processing network.  The sale of the Drummondville facility is an outcome of our continued network optimization.\"\nForward–Looking StatementsThis news release contains forward-looking statements based on Maple Leaf Foods' current expectations and assumptions relating to its business, including the sale of the Drummondville poultry plant, the timing for closing of the transaction and the future results of its network optimization strategy. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: whether the closing conditions can be satisfied; timing for the satisfaction of the closing conditions;  whether additional regulatory processes are required with respect to the transfer of the poultry supply; whether ...