TSX: MFI www.mapleleaf.com
TORONTO, Nov 30, 2006 /PRNewswire-FirstCall via COMTEX News Network/ — Maple Leaf Foods (MFI: TSX)
today announced that it has retained RBC Capital Markets as its financial
advisor to assist in the divestiture of Maple Leaf Animal Nutrition and
related businesses. The process will entail a solicitation of interest from
potential purchasers and is expected to begin in January 2007.
“The decision to divest of this business results from a reorganization of
the Company’s protein value chain operations, which includes our feed
business, to focus on growth in the value added meats and meals markets.
Operating a largely independent animal nutrition company is strategically not
aligned to this new model,” said Michael Vels, Chief Financial Officer of
Maple Leaf Foods. “Maple Leaf Animal Nutrition is an outstanding business
built by a highly experienced management team and employees, with
long-standing customer relationships, world-class animal nutrition R&D
technology, and excellent growth prospects that will be best realized through
the sale of this business.”
Maple Leaf Animal Nutrition is Canada’s leading animal nutrition
organization, supported by well known and trusted brands, including Shur-Gain
in Eastern Canada and Landmark Feeds in Western Canada. Excluding assets that
will be retained to service its own hog production operations in Western
Canada, the business has sales of approximately $650 million and provides a
broad range of animal nutrition products and services including swine, dairy,
beef, poultry, aquaculture and pet food. Its strong customer relationships and
leading market shares are supported by a world class research farm in Burford,
Ontario, and ongoing investments in research and development to continuously
improve animal health and performance.
Maple Leaf Foods Inc. is a leading Canadian food processing company
committed to delivering quality food products to consumers around the world.
Headquartered in Toronto, Canada, the Company employs approximately 24,000
people at its operations across Canada and in the United States, Europe and
Asia. The Company had sales of $6.1 billion in 2005.
SOURCE Maple Leaf Foods Inc.
Michael Vels, Chief Financial Officer, MAPLE LEAF FOODS INC., (416) 926-2048