Maple Leaf Foods has announced that the pork business will be spun off, creating two separate public-traded companies. It is presumed that Maple Leaf will continue to operate the chicken business and the previous plant-based segment. Maple Leaf Foods will retain 20 percent of the pork business and will continue to incorporate pork into the company supply chain in accordance with a long-term contract to support the range of value-added, branded products sold in North America.
Curtis Frank, President and CEO of Maple Leaf, noted, “This transaction is the start of a new era to unlock the full potential of two outstanding businesses each with a distinct value proposition and growth opportunities.” The proposed pork company will be led by Dennis Organ as CEO. He previously served as the President of the company pork operations.
Michael H. McCain, Executive Chair of Maple Leaf Foods, stated, “This is the right transaction at the right time as we move forward with our sustainability vision seeking to create value for all stakeholders.”
The most recent quarterly report for Maple Leaf Foods can be accessed by entering “Maple Leaf” in the SEARCH block.