Wednesday, October 27, 2021

Weston sells bakery business

George Weston Ltd. is selling its bakery division to FGF Brands for $1.2 billion.

The sale includes bread, rolls and baked goods, but not its cookies, cones, crackers and wafers.

The business was put up for sale in March. The company said it intends to focus on its supermarkets (Loblaws, Zehrs, etc.) and real estate businesses.

It will use some of the proceeds of the sale to buy back shares.

FGF Brands is a family-owned, Toronto-based company with 13 facilities in Canada and the United States.

It’s audacious goal is to become the world’s largest bakery. It has about 2,500 employees.

The Weston purchase adds popular brand names, such as Wonder Bread, Ace Bakeries and D’Italiano.