Maple Leaf Foods unveils future name for the
new pork company as it advances the planned separation of its pork
business
MISSISSAUGA, ON, Oct. 10,
2024 /CNW/ - Maple Leaf Foods Inc. (TSX: MFI) (Maple
Leaf Foods or the Company) today unveiled that Canada Packers Inc.
(Canada Packers) will be the future name of the new pork company
once it completes the previously announced separation of its pork
business as a new independent, public company.
"We are thrilled to launch Canada Packers as the new name for
our future independent pork company," said Dennis Organ, President of Maple Leaf Foods'
Pork Complex and incoming CEO of Canada Packers. "This choice
reflects our deep respect for the history and legacy of this iconic
brand, while affording us the opportunity to bring it forward and
blend it with our ambitious vision for the future as a
world-leading pork producer."
The heritage of Canada Packers as a leader in the pork business
goes back nearly a century. The new company will build on this
legacy as an industry leader and will move forward with a focus on
sustainable solutions and global reach.
"Canada Packers is a distinctive, memorable and authentic name
for the new pork company," said Curtis
Frank, President and CEO, Maple Leaf Foods. "While grounded
in solid roots that have been an important part of Maple Leaf
Foods' history, Canada Packers also provides a platform for the
forward-thinking vision that Dennis and his team have embraced as
they chart their next steps as an independent company. We are
excited for what the future holds for Canada Packers as we advance
plans to complete the separation of the businesses in 2025."
The new Canada Packers brand identity incorporates the iconic
elements from its almost 100-year-old logo, with the capital "C"
and "P" and refreshed Canadian flag featured. The company has also
changed its colour palette to reflect its focus on sustainability,
shifting from blue and red to the natural green and blue tones that
connect so much of Canada's
landscape.
"Leveraging the historic past was key, but not at the expense of
the future and progress this brand represents," said Organ. "The
new branding honours these roots while propelling Canada Packers
towards a dynamic and innovative future. We expect the new Canada
Packers logo and branding to be a beacon for leadership in the
fresh food space globally for another hundred years."
As independent companies, Maple Leaf Foods and Canada Packers
will each have exciting prospects, a sharpened execution focus, and
the financial independence to pursue their own value creation
strategies, all without compromising their industry-leading
capabilities in safety and sustainability. Maple Leaf Foods
will continue its leadership as a consumer packaged goods
powerhouse, while Canada Packers will leverage its rich heritage
and expertise in the pork business to continue its path forward as
a global leader in sustainably produced meat.
Upon completion of the separation, Maple Leaf Foods will retain
an 19.9% ownership position in Canada Packers, and the two companies will
enter into an evergreen pork supply agreement that will provide
Maple Leaf Foods with secure access to high-quality, sustainably
produced pork and will provide Canada Packers with a secure anchor
customer in North America
transacting at market-based formula pricing.
Announced in July 2024, Canada
Packers is expected to be spun off as an independent, publicly
traded company in 2025.
Forward Looking Information
This release contains statements, made by representatives of the
Company in connection with this release, which 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 timing, execution,
implications, benefits, risks, returns, opportunities, structure,
approvals, value proposition and business model associated with the
proposed separation of the Company into two independent public
companies, as well as the Company's overall plans, actions and
strategies. 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:
expectations and assumptions concerning the timing and completion
of the separation of Maple Leaf Foods into two independent public
companies and the success of such separation; expectations
regarding the adaptations in operations, supply chain, customer and
consumer behaviour, economic patterns (including but not limited to
global pork markets, foreign exchange rates, international trade
dynamics and access to capital); the competitive environment,
associated market conditions and market share metrics; and the
success of the business strategies of Maple Leaf Foods and the new
Pork Company. Although these assumptions were considered reasonable
by the Company at the time of preparation, actual results may
differ materially from those expressed, implied or forecasted in
such forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements, as such statements are not guarantees
of future performance. 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,
2023 and the quarter ended June 30,
2024, as well as the press release announcing the separation
transaction dated July 9, 2024. All
of such filings are available on SEDAR+ at www.sedarplus.ca.
The Company does not intend to, and 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.
About 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™. The Company employs approximately
13,500 people and does business primarily in Canada, the U.S.
and Asia. The Company is headquartered in Mississauga,
Ontario and its shares trade on the Toronto Stock Exchange
(MFI).
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SOURCE Maple Leaf Foods Inc.