George Weston Limited announces the closing of the purchase of Keystone Bakery Holdings, LLC
24 September 2010 - 10:11PM
PR Newswire (Canada)
TORONTO, Sept. 24 /CNW/ -- TORONTO, Sept. 24 /CNW/ - George Weston
Limited ("Weston") (TSX: WN) announced today that its subsidiary,
Maplehurst Bakeries, LLC ("Maplehurst"), has completed the purchase
of Keystone Bakery Holdings, LLC ("Keystone") for total
consideration of approximately US $185 million. Keystone is a
leading supplier of frozen baked goods to the in-store bakery and
foodservice industries. Keystone is comprised of three operating
companies: Freed's Bakery of Manchester, N.H., a leading supplier
of frozen, thaw and sell iced cupcakes; Granny's Kitchens, of
Frankfort, NY, a leading supplier of both frozen pre-fried and
frozen, thaw and sell donuts; and Heartland Baking of DuQuoin, IL,
a specialty supplier of frozen, thaw and sell cookies. 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 Bakeries 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 Wilson, Senior Vice
President 416-922-2500
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