TORONTO, Aug. 30 /PRNewswire-FirstCall/ - George Weston
Limited ("Weston") (TSX: WN) announced today that its subsidiary,
Maplehurst Bakeries, LLC, has agreed to purchase the Keystone
Bakery business, a U.S. manufacturer and supplier of frozen
cupcakes, donuts and cookies to in-store bakeries and food service
channels for USD$185 million.
Keystone Bakeries is comprised of three operating companies:
Freed's Bakery of Manchester, NH,
a leading supplier of frozen, fully finished iced cupcakes;
Granny's Kitchens of Frankfort,
NY, a leading supplier of pre-fried and thaw and sell
donuts; and Heartland Baking of DuQuoin, IL, a specialty supplier
of thaw-and-serve cookies. The transaction is subject to U.S.
regulatory approval.
W. Galen Weston, the Chairman and
President of Weston in announcing the transaction stated that "I am
very pleased to welcome Keystone Bakeries and the employees of
Freed's, Granny's and Heartland to the Weston Group. The
combination of Keystone Bakery and Weston's baking operations in
the United States and Canada will allow us to better serve our
customers in the North American sweet baked goods sector."
George Weston Limited is a Canadian public company founded in
1882 and through its operating subsidiaries constitutes one of
North America's largest food
processing and distribution groups. Weston has two reportable
operating segments: Weston Foods and Loblaw, which is operated by
Loblaw Companies Limited. The Weston Foods operating segment is
primarily engaged in the baking industry within North America. Loblaw is Canada's largest food distributor and a
leading provider of general merchandise, drugstore and financial
products and services.
SOURCE George Weston Limited
Copyright . 30 PR Newswire
