George Weston Limited announces completion of the sale of its U.S. fresh baking assets to Grupo Bimbo

Jan 22, 2009, 08:31 ET from George Weston Limited

TORONTO, Jan. 22 /PRNewswire-FirstCall/ - George Weston Limited ("Weston") (TSX: WN) announced today that its subsidiary, Dunedin Holdings S.a r.l., completed the sale on January 21, 2009 of its fresh bread and baked goods business in the United States to Grupo Bimbo, S.A.B. de C.V., which was previously announced on December 10, 2008. The gross and net cash proceeds of the sale are approximately U.S.$2.5 billion, including approximately U.S.$125 million of interest bearing assets.

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