TORONTO, Dec. 29, 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
ambient bakery business to affiliated entities of Hearthside Food
Solutions, LLC ("Hearthside").
With the sale of the ambient bakery business to Hearthside, and
the previously announced completed sale of the fresh and frozen
bakery businesses, George Weston has
now sold its entire bakery business and will focus on its Retail
and Real Estate businesses going forward.
About Weston Foods' Ambient Bakery Business
The Weston Foods ambient bakery business comprises a leading
North American manufacturer, serving retail and foodservice
customers with cookies, crackers, cones and wafers in Canada and the
United States.
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 Hearthside
Headquartered in Downers Grove,
Illinois, Hearthside Food Solutions is a leading contract
manufacturer and producer of baked foods, snacks, nutrition bars,
frozen, refrigerated, and fresh sandwiches/entrees as well as a
full-service provider of food packaging services for many of the
world's premier brands. Prior to the Weston Foods acquisition,
Hearthside's network included 37 food production facilities,
including four in Europe, with a
workforce of 12,000. For more information on Hearthside Food
Solutions, visit www.hearthsidefoods.com.
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.
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