TORONTO, Dec. 10, 2021 /CNW/ - George Weston Limited
("George Weston" or the "Company") (TSX: WN) today announced the
closing of the previously announced sale of its Weston Foods fresh
and frozen bakery businesses to affiliated entities of FGF Brands
Inc. ("FGF").
Prior to closing, George Weston
and FGF agreed on a revised purchase price of $1.1 billion for the transaction, as well as
certain other amendments, including an adjustment to the working
capital provisions as a result of seasonal fluctuations in
inventory and accounts receivable.
George Weston continues to work
toward completing the previously announced sale of its ambient
bakery business – comprised of cookies, cones, crackers and wafers
– to affiliated entities of Hearthside Food Solutions,
LLC.
About Weston Foods' Fresh and Frozen Bakery
Businesses
The Weston Foods fresh and frozen bakery businesses comprise a
leading North American manufacturer, serving retail and foodservice
customers with packaged fresh bread and rolls and alternatives, as
well as frozen and artisan bread and rolls, cakes, donuts and pies
throughout Canada and the United States. The company produces
private label products and many well–known brands including
Wonder®, ACE Bakery®, Country Harvest®, D'Italiano®, Casa Mendosa™,
Dave's Killer Bread* and Gadoua®.
About George Weston Limited
George Weston Limited is a Canadian public company founded in
1882. The Company operates through its two reportable operating
segments, Loblaw Companies Limited and Choice Properties Real
Estate Investment Trust. Loblaw provides Canadians with grocery,
pharmacy, health and beauty, apparel, general merchandise,
financial services and wireless mobile products and services.
Choice Properties owns, manages and develops a high-quality
portfolio of commercial retail, industrial, office and residential
properties across Canada.
About FGF
FGF Brands is a Canadian, family-owned bakery company founded in
2004. "A technology company that bakes," FGF combines innovations
in robotics, AI systems, and supply chain solutions with a
commitment to making quality food with the cleanest possible
ingredients. FGF operates in 7 bakery categories and owns multiple
brands, including Stonefire Authentic Flatbreads and Simple Joys
Bakery, manufactured in bakery locations across Canada and the
United States, with its Home Office in Toronto, Ontario. FGF takes a product-first
approach to its business, with a focus on long-term capital
investment, focused Team Member development, and a culture of
continuous improvement.
Forward Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflects the Company's current expectations regarding future
events. There can be no assurance regarding (a) the ability of the
Company to successfully complete the sale of its Weston Foods
ambient bakery business, including the timing of closing of such
sale and (b) the proceeds to be derived from the Company's sale of
its Weston Foods fresh and frozen businesses or its Weston Foods
ambient bakery business.
Forward-looking information is based on a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond the Company's control, that could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed in the Company's current Annual MD&A and
Annual Information Form and uncertainty relating to the ongoing
COVID-19 pandemic. The Company does not undertake any obligation to
update such forward-looking information, future events or
otherwise, except as expressly required by applicable law. All
forward-looking statements contained in this press release are made
as of the date hereof and are qualified by these cautionary
statements.
SOURCE George Weston Limited