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George Weston Ltd. selling cakes for Hearthside Food Solutions

TORONTO –

George Weston Ltd. said it had entered into an agreement to sell its Weston Foods environment bakery business for $370 million.

Weston’s ambient business provides retail and foodservice customers in Canada and the United States with cookies, crackers, cones, and muffins. The Toronto-based company said it would sell the business to Illinois-based Hearthside Food Solutions, a contract manufacturer and maker of baked goods, snacks, nutrition bars, and more.

In March, George Weston announced his intention to sell the bread business and focus on the retail and real estate businesses.

In October, the company entered into an agreement to sell its fresh and frozen bakery businesses to affiliates of FGF Brands Inc. with total cash of $1.2 billion.

Along with the sale of the fresh and frozen businesses, the sale of the surroundings business represents the disposition of George Weston’s entire bread business, totaling $1.57 billion. .

The sale of the surrounding business is expected to close before the end of the first quarter of 2022. The company said it hopes to return the proceeds from both transactions to shareholders through the sale of the business. share repurchases over time.

This Canadian Press report was first published on November 15, 2021.

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