Mexico's Grupo Bimbo acquires Canada Bread
Mexico’s Grupo Bimbo is paying $1.83 billion for Canada Bread, the bakery division of Maple Leaf Foods Inc.
Maple Leaf Foods has been reviewing options for its 90-per-cent owned bakery division, whose sales have been falling, at the same as it revamps the company’s meat operations.
“Becoming part of Grupo Bimbo, the world’s leading bakery company and benefiting from its focus, expertise and resources, will create new opportunities for our people, customers and business partners," Canada Bread CEO Richard Lan said.
Source: The Globe and Mail