Maple Leaf Foods Inc. says it might sell its 90 per cent
stake in Canada Bread.
The company says it’s undertaking a strategic review that
includes the option of selling.
Maple Leaf has just finished building a huge new plant for
Canada Bread at Hamilton. It consolidated operations from several smaller
bakeries in the new facility.
"We are confident that our Bakery business can deliver
significantly higher levels of profitable growth; the only question is how best
to realize the future value of this business," said Michael H. McCain, president
and CEO.
"The recently completed Bakery strategy will require
organizational focus and resources to implement. This process gives us the
opportunity to determine the best path forward for Maple Leaf, our shareholders
and our Bakery business," he said.
David L. Emerson, chair of the Maple Leaf Board, said, "the
Board and management are united in supporting this process, which will ensure
we make the best decision for Maple Leaf while continuing to pursue the
significant growth opportunities in our value- added, branded meat
business."
Maple Leaf is nearing completion of another huge new plant in
Hamilton, this one to consolidate its meat-processing operations. That plan
includes closing the large and old Schneider Corp. plant in Kitchener.
