Thursday, May 2, 2019

Maple Leaf profits increase

Maple Leaf Foods Inc. reported sales increased by 11 per cent to $907 million and profits jumped 79.5 per cent to $50.1 million for the first quarter this year.

Most of the improvement reflected the purchase of plant-based protein companies and price increases the company implemented late last year.

Excluding the purchases, sales would have increased by only 1.4 per cent.

Michael McCain, the president and chief executive officer, said "while market conditions continued to be adverse, they are expected to improve for the balance of the year. 

“We are progressing on track on all strategic platforms to deliver structural margin expansion and pursue our vision to be the most sustainable protein company on earth."

On April 8, 2019, the company announced plans to build a $310 million US plant-based processing facility in Shelbyville, Indiana

The U.S. federal government is giving about $50 million in utility grants and incentives, but about $40 million of that will be spread over 10 years.

The other major initiative is construction of a large poultry-processing plant at London, Ont.