George Weston Limited announces purchase of Keystone Bakery Business
30 August 2010 - 2:37PM
PR Newswire (Canada)
TORONTO, Aug. 30 /CNW/ -- TORONTO, Aug. 30 /CNW/ - George Weston
Limited ("Weston") (TSX: WN) announced today that its subsidiary,
Maplehurst Bakeries, LLC, has agreed to purchase the Keystone
Bakery business, a U.S. manufacturer and supplier of frozen
cupcakes, donuts and cookies to in-store bakeries and food service
channels for USD$185 million. Keystone Bakeries is comprised of
three operating companies: Freed's Bakery of Manchester, NH, a
leading supplier of frozen, fully finished iced cupcakes; Granny's
Kitchens of Frankfort, NY, a leading supplier of pre-fried and thaw
and sell donuts; and Heartland Baking of DuQuoin, IL, a specialty
supplier of thaw-and-serve cookies. The transaction is subject to
U.S. regulatory approval. W. Galen Weston, the Chairman and
President of Weston in announcing the transaction stated that "I am
very pleased to welcome Keystone Bakeries and the employees of
Freed's, Granny's and Heartland to the Weston Group. The
combination of Keystone Bakery and Weston's baking operations in
the United States and Canada will allow us to better serve our
customers in the North American sweet baked goods sector." George
Weston Limited is a Canadian public company founded in 1882 and
through its operating subsidiaries constitutes one of North
America's largest food processing and distribution groups. Weston
has two reportable operating segments: Weston Foods and Loblaw,
which is operated by Loblaw Companies Limited. The Weston Foods
operating segment is primarily engaged in the baking industry
within North America. Loblaw is Canada's largest food distributor
and a leading provider of general merchandise, drugstore and
financial products and services. Geoffrey H. Wilson, Senior Vice
President, Financial Services and Investor Relations, 416-922-2500
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