George Weston Limited announces purchase of Keystone Bakery Business
TORONTO, Aug. 30 /PRNewswire-FirstCall/ - 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.
SOURCE George Weston Limited