Maple Leaf Foods Inc. says it’s going to sell its
Olivieri-brand fresh pasta and sauces business to Ebro Food SA of Spain for
$120 mllion.
The deal is scheduled to close by th
e end of the year.
About 375 people in Hamilton and Delta, B.C., produce the
Olivieri products.
Maple Leaf said earlier this week it’s considering its
options for the future of Canada Bread; it owns 90 per cent of that company’s
shares. Selling Canada Bread is among the options.
Maple Leaf has been shedding businesses at a record pace – it’s
turkey farms, quota and hatchery in August, its Rothsay Concentrates business
in September and now Olivieri.
It’s applying the proceeds to reduce its debt.
Maple Leaf is also nearing completion of a $575-million
meat-processing plant at Hamilton. It’s also closing a number of smaller and
older meat-processing plants, including the main Schneider Corp. plant in
downtown Kitchener.
