TORONTO, Oct. 28, 2013 (Canada NewsWire via COMTEX) –TSX: MFI
Maple Leaf Foods (MFI: TSX) today
announced that the Company has closed the sale of Rothsay, its
rendering and biodiesel business, to Darling International Inc. of
Proceeds from the transaction of approximately $645 million will
initially be used to pay down debt. Upon completion of the Company’s
prepared meats strategy, management will consider appropriate
deployment of excess capital, including reinvesting in its core
consumer packaged food businesses or returning excess capital to
Rothsay is the leading rendering company in Canada and a leading
producer of biodiesel. The business operates six rendering plants
located in Manitoba, Ontario, Quebec and Nova Scotia and a biodiesel
facility in Quebec. It employs approximately 550 people.
Darling International Inc. is the largest and only publicly traded
provider of rendering and bakery residuals recycling solutions to the
U.S. food industry.
Maple Leaf Foods Inc. is a leading food company headquartered in
Toronto, Canada. The Company employs approximately 19,500 people at its
operations across Canada and in the United States, the United Kingdom
and Asia. The Company had sales of $4.9 billion in 2012.
This document contains forward-looking information within the meaning of
applicable securities law. These assumptions may prove to be incorrect
in whole or in part and actual results may differ materially from those
expressed, implied or forecasted. The Company does not intend to, and
the Company disclaims any obligation to, update any forward-looking
information, whether written or oral, or whether as a result of new
information, future events or otherwise except as required by law.
SOURCE Maple Leaf Foods Inc.
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SOURCE: Maple Leaf Foods Inc.
Investor Contact: Nick Boland, Vice President Investor Relations 416-926-2005 Media Contact: David Bauer, Corporate Communications 416-926-2020 / 1-888-995-5030