TSX: MFI
www.mapleleaffoods.com
MISSISSAUGA, ON, Nov. 1, 2022
/PRNewswire/ - Maple Leaf Foods Inc. (TSX: MFI) ("Maple Leaf Foods"
or the "Company"), an iconic Canadian-based branded food company,
confirmed today that commercial production continues to ramp up at
its new Bacon Centre of Excellence in Winnipeg, Manitoba.
First commercial production of bacon at this $182 million, 73,000 square-foot, state-of-the
art expansion project got underway earlier this year, and the
Company is continuing to ramp up production to meet growing
customer and consumer demand. A key food service partner that
will benefit from this new Canadian facility is A&W Canada.
"A&W has been an important customer and business partner of
Maple Leaf Foods for many years," said Michael H. McCain, Maple Leaf Foods' Chief
Executive Officer. "Both A&W and Maple Leaf Foods are
powerhouse Canadian companies that are leading the way in
delivering sustainable meats from humanely raised animals without
antibiotics. Our ability to supply A&W's bacon needs with
this strategic investment in Canada is yet another example of how we are
working together to create shared value."
"Bacon is a key ingredient in some of our most iconic, craveable
menu items, like the Teen Burger," said Susan Senecal, CEO of A&W Canada. "We are
delighted to continue partnering with Maple Leaf Foods - a fellow
Canadian company striving to bring simple, great tasting
ingredients, farmed with care to Canadians - and celebrate this
exciting milestone in their bacon journey."
Maple Leaf® Ready Crisp® Fully Cooked
bacon products manufactured at the Bacon Centre of Excellence are
now available at retail grocery stores across Canada.
"I am extremely proud of the work we are doing at our Bacon
Centre of Excellence. Driving the growth of our brands via product
quality and innovation is at the core of what we do," said
Curtis Frank, Maple Leaf Foods'
President and Chief Operating Officer. "Customer and consumer
demand for Canadian supply of pre-cooked bacon products is very
robust, and we are excited about the positive impact we are having
on the local economy as we have added about 350 new team members at
this manufacturing facility. With production continuing to
ramp up, our Bacon Centre of Excellence is well on its way to
delivering the financial returns that we expected."
The Company currently anticipates that the Bacon Centre of
Excellence will deliver approximately $30
million to its annual Adjusted EBIDTA once the project is
fully ramped up in the second half of 2023, which is in line with
original expectations. Investment in this project drives
further margin expansion, increases its capacity in the category,
and creates further competitive advantage, all of which are
consistent with the Company's capital investment strategy.
About Maple Leaf Foods
Maple Leaf Foods Inc. ("Maple Leaf Foods") is a carbon neutral
company with a vision to be the most sustainable protein company on
earth, responsibly producing food products under leading brands
including Maple Leaf®, Maple Leaf Prime®,
Maple Leaf Natural Selections®, Schneiders®,
Schneiders® Country Naturals®,
Mina®, Greenfield Natural Meat Co.®,
Lightlife® and Field Roast™. Maple Leaf Foods
employs approximately 14,000 people and does business
in Canada, the U.S. and Asia. The company is
headquartered in Mississauga, Ontario, and its shares
trade on the Toronto Stock Exchange (MFI).
About A&W Canada
A&W is proud to be a Canadian company – 100% Canadian owned
and operated, and one of the most trusted brands in the country. A
leader in the QSR industry, we believe that sourcing simple,
great-tasting ingredients, farmed with care is the right thing to
do. We serve Canadians coast to coast with over 1,000 restaurants
across the country. For more information, please
visit aw.ca.
Forward Looking Statements Disclaimer
This release
contains statements, made by representatives of the Company in
connection with this release, may contain forward-looking
statements within the meaning of applicable securities law. These
statements are based on current expectations, estimates, forecasts,
and projections about the industries in which the Company operates,
as well as beliefs and assumptions made by Management of the
Company. Such statements include, but are not limited to,
statements with respect to the performance of the Bacon Centre of
Excellence and the Company's strategies, plans, actions and
expectations including, among other things, expectations about
technical capabilities of the Centre, expected shareholder value
creation, future earnings, ability to attract and retain customers
and consumers, jobs generated, incremental construction or
commissioning activities, and other expected benefits of the
Centre. These statements are not guarantees of future performance
and involve assumptions, risks and uncertainties that are difficult
to predict.
These statements are based on and were developed using a number
of factors and assumptions including, but not limited to: timelines
to complete ramp-up activities and any unanticipated commissioning
or construction issues; foreign exchange rates, availability and
cost of raw materials, parts, services, energy and supplies;
customer and consumer behaviour; the ability to manage pricing;
dynamics in the competitive environment; product quality; the
continued ability of the Company to access cost effective capital
when needed; and the potential occurrence of unexpected or
unforeseen events occurring that would materially alter the
Company's current plans. All of these assumptions have been derived
from information currently available to the Company including
information obtained by the Company from third-party sources.
Although these assumptions were considered reasonable by the
Company at the time of preparation they may prove to be incorrect
in whole or in part. In addition, actual results may differ
materially from those expressed, implied or forecasted in such
forward-looking statements, which reflect the Company's
expectations only as of the date hereof. Readers are
cautioned not to place undue reliance on forward-looking
statements, as such statements are not guarantees of future
performance.
Factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by the
forward-looking statements include risks associated with
implementing and executing complex projects and plans including:
timelines to complete remaining commissioning and ramp-up
activities and to remedy any deficiencies; unexpected upsets;
the availability and cost of labour, raw materials, supplies,
energy, parts and services; supply chain risks; food safety risks;
risks associated with the price of commodities and the inability of
the Company to control commodity prices; risks associated with
exchange rate fluctuations; risks associated with changing consumer
tastes, preferences and buying patterns; and risks posed by
competition. Additional factors that could cause actual results or
outcomes to differ materially from the results expressed, implied
or forecasted by the forward-looking statements are discussed more
fully in the Company's filings made with the Canadian securities
regulators including in the section entitled "Risk Factors" in the
Company's Management's Discussion and Analysis for the year ended
December 31, 2021. All of such
filings are available on SEDAR at www.sedar.com.
The Company does not intend to, and the Company disclaims any
obligation to, update any forward-looking statements (including any
financial outlooks), whether written or oral, or whether as a
result of new information, future events or otherwise, except as
required by law.
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SOURCE Maple Leaf Foods Inc.