George Weston agrees to sell his bakery

(Toronto) George Weston says he has signed an agreement to sell the room-temperature bakery to Hearthside Food Solutions for $370 million.

This division of Weston supplies retail and food service customers in Canada and the United States with cookies, crackers, cones and chips. The Toronto-based company said it would sell the company to Hearthside Food Solutions, a manufacturer and producer of baked goods, snacks, nutrition bars and more.

George Weston announced in March his intention to sell the bakery business and focus on retail and real estate.

In October, the company reached an agreement to sell fresh and frozen baked goods to affiliates of FGF Brands for a total cash dividend of $1.2 billion.

The sale of the fresh and frozen food business and the sale of room temperature products together represented the divestiture of the entire bakery business to George Weston, with a total value of 1.57 billion.

The sale of the room temperature bakery business is expected to close before the end of the first quarter of 2022. The company said it expects to return the net proceeds from the two transactions to shareholders through share buybacks over time.

See also  Google is determined to solve France ad tech's antitrust case

Leave a Reply

Your email address will not be published. Required fields are marked *