Maple Leaf Foods, a Canada-based meats and baked goods producer, is looking at selling its Bakery business, which includes 90% stake in Canada Bread.
The company has recently completed a comprehensive review of opportunities to accelerate profitable growth across its global Bakery business including a sale of the business, a process that is expected to conclude in early 2014.
The latest move is a part of the company's strategy, launched seven years ago, to increase scale, productivity and profitability in its protein operations. The strategy is on track to be completed by 2015, and is expected to deliver significant returns to shareholders.
Maple Leaf Foods president and CEO Michael H. McCain said the recently completed Bakery strategy will require organizational focus and resources to implement.
"This process gives us the opportunity to determine the best path forward for Maple Leaf, our shareholders and our Bakery business," McCain added.
The company established a committee of independent directors to oversee the process and recommend the use of proceeds for debt repayment, reinvestment in the business.
Maple Leaf said that there could be no assurance that the process being undertaken will result in the sale of the business.
