George Weston Limited announces the closing of the purchase of Keystone Bakery Holdings, LLC
TORONTO, Sept. 24 /PRNewswire-FirstCall/ - 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.
SOURCE George Weston Limited