Maple Leaf Foods completes spin-off of Canada Packers
Maple Leaf Foods announced that it has completed the spin-off of its pork operations into Canada Packers.
"Maple Leaf Foods took another bold step today in our journey as a focused, consumer packaged goods company by completing the spin-off of our pork operations. Inspired by our commitment to deliver protein with purpose, we are more ready than ever to meet the world's growing demand for sustainably produced protein," said Curtis Frank, president and chief executive officer of Maple Leaf Foods. "Building on the strength of our powerhouse brands, our industry leading sustainability practices and our incredible capacity for innovation, we are laser focused on meeting the needs of our customers, delighting consumers and delivering value for all our stakeholders."
READ: Maple Leaf Foods reports fourth quarter and full year 2024 financial results
"Today marks a new chapter for Canada Packers as we launch as an independent public company," said Dennis Organ, president and chief executive officer of Canada Packers. "We are proud to build on our legacy of delivering premium, responsibly produced pork to customers around the world, and we are excited to unlock new opportunities for growth, innovation, and value creation for our shareholders, our partners, and our communities. Our commitment to sustainability, operational excellence, and disciplined growth will set the standard for our industry – and we're just getting started."
As part of the spin-off, Maple Leaf Foods is retaining a 16% ownership interest in Canada Packers and the two companies have entered into an evergreen supply agreement, pursuant to which Maple Leaf Foods will become an anchor customer of Canada Packers and Canada Packers will be a supplier of pork to Maple Leaf Foods for its prepared meats business.
