Proceeds from the sale, expected to close by the end of December, will be used to pay down debt.
December 11, 2012
by The Canadian Press
TORONTO—Maple Leaf Foods Inc. has agreed sold its potato processing facility in Lethbridge, Alta., to Cavendish Farms, an affiliate of J.D. Irving Ltd.
The $60 million sale will help Maple Leaf pay down its debt.
The deal, which includes inventory and working capital, is expected to close by the end of December.
The Lethbridge facility employs about 135 people, has annual sales of about $75 million and makes a variety of frozen French fries, hash browns and specialty potato products.
Cavendish Farms produces frozen potato and appetizer products for North American and international customers.
Toronto-based Maple Leaf Foods’ products include meat, baked goods and meals. The company employs some 19,500 people in Canada and abroad.
©The Canadian Press