TSX: MFI
www.mapleleaffoods.com
Creating two independent public companies each
with a sharper focus to execute its own growth strategy and pursue
its uncompromising commitment to best-in-class sustainability
practices
MISSISSAUGA, ON, July 9, 2024
/CNW/ - Maple Leaf Foods Inc. (TSX: MFI) (Maple Leaf Foods or the
Company) today announced a plan to unlock significant value by
separating into two independent public companies, each primed for
growth and positioned to be a leader in its field.
Maple Leaf Foods will continue to pursue its vision to be the
most sustainable protein company on Earth, now as a more focused,
brand-led consumer packaged goods company that will meet the
world's growing need for sustainably produced protein. By spinning
off its pork business, the name of which will be announced in the
coming months, Maple Leaf Foods will unlock significant growth
potential by unleashing a world-leading organization which produces
sustainable meat the right way and can fully take advantage of its
own unique business model to unlock its own significant growth
potential.
"This transaction is the start of a new era to unlock the full
potential of two outstanding businesses, each with a distinct value
proposition and growth opportunities," said Curtis Frank, President and CEO of Maple Leaf
Foods. "As separate companies, Maple Leaf Foods and the new Pork
Company will each have exciting prospects, a sharpened execution
focus with its own dedicated management team, and the financial
independence to pursue its own value creation strategy, all with an
uncompromising commitment to safety and sustainability."
Maple Leaf Foods will retain a 19.9% ownership position in the
new Pork Company, and the two companies will enter into an
evergreen pork supply agreement which will deliver value for both
businesses, while also allowing them to pursue their individual
value creation opportunities. Under this agreement, the new
Pork Company will continue to provide Maple Leaf Foods with a
secure supply of high-quality, sustainable pork at market prices,
to meet the needs of its Prepared Foods business, providing the new
Pork Company a strong anchor customer while allowing it to grow its
already material business with customers around the world. Maple
Leaf Foods will in turn provide the new Pork Company with brokerage
services in North America, as well
as certain other services.
The plan to proceed with the separation, which is expected to be
completed in 2025, has been approved by the Board of Directors of
Maple Leaf Foods, on the recommendation of a Special Committee of
the Board, composed entirely of independent directors, and has
the full support of Maple Leaf Foods' largest and controlling
shareholder, McCain Capital Inc. and the McCain family.
Maple Leaf Foods will continue to be led by Curtis Frank, President and CEO; Adam Grogan, President and COO; and David Smales, CFO. The new Pork Company
will go forward with a strong and experienced management team led
by Dennis Organ, incoming CEO of the
new Pork Company. Mr. Organ joined Maple Leaf Foods in February 2023 as President, Pork Complex, and is
a distinguished industry executive with more than 27 years of
experience in the food industry, including 11 years with Smithfield
Foods, where he held a variety of senior leadership roles,
including Chief Operating Officer and Chief Executive Officer.
"This is the right transaction at the right time as we move
forward with our sustainability vision, seeking to create value for
all stakeholders," said Michael H.
McCain, Executive Chair of Maple Leaf Foods. "Under Curtis'
leadership, Maple Leaf Foods is on a path to deliver best-in-class
consumer packaged goods performance, while the new Pork Company,
under the leadership of Dennis, will be unleashed to leverage its
unique capabilities and industry-leading performance to take
advantage of new prospects for growth.
"I am passionate about both of these businesses and have
absolute confidence in the powerful potential of this transaction,"
continued Mr. McCain. "Our shareholders will be able to participate
in not one, but two strong, independent, sustainable and
purpose-driven businesses, each with a clear mandate and investment
profile, and all our stakeholders will participate in the shared
value we will generate."
The separation will create value by building on the momentum in
the businesses to deliver:
- Two clear and compelling investment opportunities, each with a
distinct value proposition and growth strategy.
- Sharpened execution focus from dedicated management teams.
- Continuing best-in-class sustainability practices at both
companies and enduring commitments to continue to lead in
sustainability.
Maple Leaf Foods– An iconic Canadian company with an
inspiring vision and leading brands
Following the completion
of the transaction, Maple Leaf Foods will go forward as a focused,
purpose-driven consumer packaged goods company, supported by
leading brands and market shares in both meat and plant protein,
proven innovation capabilities, a world-class supply chain and
significantly reduced commodity exposure. The Maple Leaf
Blueprint will continue to serve as the company's strategic
compass, as it focuses on driving growth in sustainable meats,
expanding its reach in the U.S. market, and diversifying its
portfolio of protein products.
"Today's announcement is a pivotal next step in Maple Leaf
Foods' journey to becoming a globally admired, brand-led consumer
packaged goods powerhouse," said Mr. Frank. "Global demand for
sustainably produced protein is expected to grow significantly, and
we have built the right platform to unlock stakeholder value as we
meet that demand. With our significant capital projects complete,
we are harvesting the benefits of these investments, with margin
expansion already underway and expected to continue. Now is the
right time for this transaction, which positions Maple Leaf Foods
for long-term success and brings us closer to our goal of being the
most sustainable protein company on Earth."
The new Pork Company – Unleashing a world-class business for
growth
The new Pork Company will be unleashed to pursue its
growth prospects as an independent company. The Maple Leaf
pork business is already a leader in sustainably produced, premium
quality, value-added pork products, is among North America's largest producers of Raised
Without Antibiotics (RWA) pork, and is a key supplier of RWA and
conventional pork products to customers in Canada, the U.S. and internationally. The new
Pork Company is well positioned to unlock the significant growth
potential of its business by investing in both organic and
inorganic opportunities, including increasing volumes, optimizing
operations and efficiencies, and building on its industry-leading
sales mix and margins.
The new Pork Company will also have an evergreen pork
supply agreement with its anchor customer in North America, Maple Leaf Foods, and will
leverage Maple Leaf Foods' North American sales network through a
brokerage arrangement.
"The new Pork Company will offer investors direct access to one
of the world's foremost, premium value-added pork producers with a
clear vision to produce meat the right way while delivering
industry-leading financial performance," said Mr. Organ, President
of Maple Leaf Foods' Pork Complex and incoming CEO of the new Pork
Company. "We are already setting the standard for best practices in
sustainability, animal welfare, and high-quality pork production.
We have seen positive momentum in the business in recent quarters
as pork markets continue to normalize following several years of
material disruption, and we are extremely well-positioned as a
standalone company to leverage our unique advantages to drive
growth and generate value."
Transaction Details, Timing and Future
Updates
Detailed information regarding the transaction and
the new Pork Company, including carve-out financial statements and
pro forma financial information showing the expected impact of the
separation, will be included in the prospectus and management
information circular that will be provided to shareholders in
connection with the transaction.
Management has made preliminary estimates of selected financial
information regarding the new Pork Company and the business which
will be retained after the separation by Maple Leaf Foods, so
investors will have indications of the size of each of the
businesses. These preliminary estimates were based on the last
twelve months ending March 31, 2024,
including an estimate of the effects of the transaction.
- Pro Forma Adjusted EBITDA (as defined below) for the new Pork
Company for this period would have been approximately $70 million, or approximately $180 million when adjusted for normal market
conditions (as defined below).
- Pro Forma Adjusted EBITDA for Maple Leaf Foods, excluding the
pork business, for this period would have been approximately
$395 million.
These are preliminary estimates only and are expected to
change. See "Non-IFRS Measures and Management's Preliminary
Estimates of Certain Financial Information" for further important
information on these estimates and the associated calculations.
Each of these figures is expected to be refined prior to the
separation, with full financial details to be presented in the
prospectus and management information circular to be filed in
connection with the transaction.
The transaction will be subject to shareholder approval at a
Special Meeting of Maple Leaf Foods' shareholders, as well as other
customary approvals, including the receipt of all required
third-party consents. Upon completion of the separation,
existing Maple Leaf Foods shareholders are expected to receive a
pro-rata distribution of shares of the new Pork Company (subject to
Maple Leaf Foods retaining a 19.9% position), and as a result will
own shares in both Maple Leaf Foods and the new Pork Company.
In addition, the McCain Shareholders and Maple Leaf Foods
have agreed to enter into a governance agreement with the new Pork
Company at closing which outlines the rights and obligations of the
parties, including a commitment by the McCain Shareholders and
Maple Leaf Foods to hold the new Pork Company shares for 24 months
following closing of the transaction (subject to customary
exceptions), as a demonstration of their commitment to the long
term success of the business.
The transaction is expected to be structured as a return of
capital spin-off. To the extent that shares of the new Pork Company
(whether in whole or in part) cannot be distributed through a
return of capital, it is anticipated that the Company will
distribute such shares of the new Pork Company as a dividend.
As Maple Leaf Foods has determined that it would not be able to
meet the conditions required for a tax-free structure, the
transaction is expected to result in the realization of a taxable
gain for Maple Leaf Foods. Further information, including tax
consequences will be provided in the information circular.
BMO Capital Markets and Centerview Partners are serving as
financial advisors to Maple Leaf Foods, and Blake, Cassels &
Graydon LLP is serving as legal counsel. Torys LLP is serving as
legal counsel to the Special Committee.
The Special Committee requested from RBC Capital Markets an
opinion as to the fairness of the consideration to be received
under the transaction, from a financial point of view, to the
shareholders of Maple Leaf Foods other than the McCain Shareholders
(the "Public Shareholders"). RBC Capital Markets has delivered to
the Special Committee and the Board of Directors of Maple Leaf
Foods an opinion, dated July 8, 2024,
to the effect that, as of such date, based upon and subject to the
various factors, assumptions, qualifications and limitations set
forth therein, the consideration to be received by the Public
Shareholders under the transaction is fair, from a financial point
of view, to the Public Shareholders.
Capital Markets Conference Call & Investor Presentation
Details
A conference call will be held at 8:00 a.m. ET
on July 9, 2024, to discuss this
announcement. To participate in the call, please dial 416-764-8650
or 1-888-664-6383. For those unable to participate at the scheduled
time, playback will be made available an hour after the event ends,
at 416-764-8677 or 1-888-390-0541 (Passcode: 776294#).
A webcast of the announcement will also be available at
8:00 a.m. ET on July 9, 2024 by registering here.
An investor presentation related to the announcement will be
made available here under Presentations and Webcasts on the
Maple Leaf Foods website.
Non-IFRS Financial Measures and Management's Preliminary
Estimates of Certain Financial Information
The
following table presents management's preliminary estimates of
certain financial information regarding the new Pork Company and
the business that will be retained after the separation by Maple
Leaf Foods. These preliminary estimates have not been audited or
reviewed by any third party, have been derived from internal
management reporting, and reflect sales, cost and expense
allocations, including with respect to corporate expenses, as well
as other estimates and adjustments, each of which is preliminary in
nature and subject to change.
Management believes that these preliminary estimates are useful
in providing an indication of the relative size of the businesses
upon separation. Each of these figures is expected to be refined
prior to the separation, with full financial details to be
presented in the prospectus and management information circular to
be filed in connection with the transaction.
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Last twelve months
ended March 31, 2024
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(in millions of
Canadian dollars)
(unaudited)
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New Pork
Company
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Maple Leaf
Foods1
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Eliminations
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Consolidated
Maple Leaf Foods
Inc.
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Sales
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$
1,6522
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$
3,5533
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$
(355)4
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$
4,8505
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Adjusted
EBITDA
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$
726
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$
3977
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$
-
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$
4695,8
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Adjusted EBITDA
Margin 9
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4.4 %
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11.2 %
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9.7 %
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Estimate of potential
impact of separation 10
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~$0 - (3)
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~ $0 - (2)
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Pro Forma Adjusted
EBITDA 11
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~$70
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~$395
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Pro Forma Adjusted
EBITDA margin 12
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~4%
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~11%
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Estimate of potential
market normalization impact13
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~$110 -
$115
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Pro Forma normalized
Adjusted EBITDA 14
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~$180
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Proforma normalized
Adjusted EBITDA Margin 15
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~10% -
11%
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Notes:
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(1)
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Refers to the business
that will be retained after the separation by Maple Leaf Foods
Inc.
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(2)
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Represents management's
preliminary estimate of sales (both to Maple Leaf Foods and to
external third parties) attributable to the business that will be
transferred to the new Pork Company in the separation for the
period presented.
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(3)
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Represents management's
preliminary estimate of sales attributable to the business that
will be retained by Maple Leaf Foods after the separation for the
period presented.
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(4)
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Primarily represents
management's preliminary estimate of sales from the new Pork
Company to Maple Leaf Foods for the period presented.
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(5)
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Calculated by adding
the previously reported results for the year ended December 31,
2023 to results for the quarter ended March 31, 2024 and
subtracting results for the quarter ended March 31, 2023.
These results are reported in the Company's MD&A filed on SEDAR
and SEDAR+ for the year ended December 31, 2023, the quarter ended
March 31, 2024 and the quarter ended March 31, 2023.
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(6)
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Represents management's
preliminary estimate of the portion of consolidated Adjusted EBITDA
attributable to the new Pork Company for the period
presented. As noted above, this estimate is subject to change
and is expected to be refined prior to the separation.
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(7)
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Represents management's
preliminary estimate of the portion of consolidated Adjusted EBITDA
attributable to Maple Leaf Foods (as defined in note (1) above) for
the period presented. As noted above, this estimate is
subject to change and is expected to be refined prior to the
separation.
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(8)
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For a definition of
Adjusted EBITDA (consolidated), and a reconciliation of Adjusted
EBITDA (consolidated) for the periods described in note (4) above
to consolidated net income for such periods, see the Company's
MD&A filed on SEDAR and SEDAR+ for the year ended December 31,
2023, the quarter ended March 31, 2024 and the quarter ended March
31, 2023.
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(9)
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Defined as Adjusted
EBITDA divided by Sales. This metric is subject to change and is
expected to be refined prior to the separation in the same manner
as the metrics from which this metric is derived, as noted
above.
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(10)
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Represents management's
preliminary estimate of the potential impact on Adjusted EBITDA of
the new Pork Company and Maple Leaf Foods (as defined in note (1)
above), respectively, if the separation had occurred on April 1,
2023. Primarily relates to management's preliminary estimate
of (i) a decrease in Adjusted EBITDA of the new Pork Company and a
corresponding increase in Adjusted EBITDA of Maple Leaf Foods as a
result of the anticipated impact of the supply agreement and other
contractual arrangements expected to be entered into in connection
with the separation, (ii) public company costs that would have been
incurred by the new Pork Company, and (iii) a reallocation of
certain SG&A expenses from the new Pork Company to Maple Leaf
Foods. As noted above, this estimate is subject to change and is
expected to be refined prior to the separation.
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(11)
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Defined as Adjusted
EBITDA plus management's preliminary estimate of the potential
impact of the separation described in, and subject to the
qualifications described in, note (10) above.
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(12)
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Defined as Pro Forma
Adjusted EBITDA, as described in note (11) above divided by Sales.
This metric is subject to change and is expected to be refined
prior the separation in the same manner as the metrics from which
this metric is derived, as noted above.
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(13)
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Presented for
illustrative purposes only, based on management estimates and
assumptions, to indicate what the potential impact on Pro Forma
Adjusted EBITDA may have been if market conditions during the
period presented had reflected normal market conditions, defined as
the 5-year pre-pandemic (2015 – 2019) average ("Normal Market
Conditions"). Actual market conditions during the period
presented were materially different from Normal Market Conditions,
and there can be no assurance that actual Pro Forma Adjusted EBITDA
would have been impacted in the manner shown if Normal Market
Conditions had existed during the period presented, or that actual
future market conditions will reflect Normal Market Conditions.
This metric is not intended to be indicative of potential financial
results for any future period.
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(14)
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Defined as Pro Forma
Adjusted EBITDA, as described in note (11) above, plus management's
preliminary estimate of the potential impact if market conditions
during the period presented had reflected Normal Market Conditions,
subject to the qualifications described in note (13) above.
This metric is presented for illustrative purposes only and is not
intended to be indicative of potential financial results for any
future period.
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(15)
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Defined as Pro Forma
normalized Adjusted EBITA, as described in note (14) above, divided
by Sales. This metric is presented for illustrative purposes
only and is based on management estimates and assumptions. This
metric is subject to change and is expected to be refined prior to
the separation in the same manner as the metrics from which this
metric is derived, as noted above. Actual market conditions during
the period presented were materially different from Normal Market
Conditions, and there can be no assurance that actual Pro Forma
Adjusted EBITDA Margin would have been impacted in the manner shown
if Normal Market Conditions had existed during the period
presented, or that actual future market conditions will reflect
Normal Market Conditions. This metric is not intended to be
indicative of potential financial results for any future
period.
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Adjusted EBITDA, Pro Forma Adjusted EBITDA, and Pro Forma
normalized Adjusted EBITDA, and related margins, as presented in
the table above, are non-IFRS metrics and do not have a
standardized meaning prescribed by IFRS. Consequently, they
may not be comparable to similarly titled measures presented by
other publicly traded companies and should not be construed as an
alternative to other financial measures determined in accordance
with IFRS.
Forward-Looking Statements
This document contains, and the Company's oral and written
public communications often contain, "forward-looking information"
within the meaning
of applicable securities law. These statements are based on current expectations, estimates,
projections, beliefs, judgements and assumptions based on
information available at the time the applicable forward-looking
statement was made and in light of the Company's experience
combined with its perception of historical trends. Such statements
include, but are not limited to, statements with respect to
objectives and goals, in addition to statements with respect to
beliefs, plans, targets, goals, objectives, expectations,
anticipations, estimates, and intentions. Forward-looking
statements are typically identified by words such as "anticipate",
"continue", "estimate", "expect", "may", "will", "project",
"should", "could", "would", "believe", "plan", "intend", "design",
"target", "undertake", "view", "indicate", "maintain", "explore",
"entail", "schedule", "objective", "strategy", "likely",
"potential", "outlook", "aim", "propose", "goal", and similar
expressions suggesting future events or future performance. These
statements are not guarantees of future performance and involve
assumptions, risks and uncertainties that are difficult to
predict.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. The Company
believes the expectations reflected in the forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon.
Specific forward-looking information in this document may include, but is not limited to, statements with respect to:
- the anticipated benefits of Maple Leaf Foods separating into
two independent public companies, including each company's growth
potential, business model, value proposition and ability to be a
leader in its field;
- the structure of the separation as a return of capital spinoff
and the anticipated tax consequences;
- the expected timing of the completion of the separation;
- the timing and receipt of shareholder approval in respect of
the transaction and receipt of other customary approvals, including
third-party consents;
- the post-separation business structure of Maple Leaf Foods and
the new Pork Company, including the 19.9% ownership of the new Pork
Company by Maple Leaf Foods and the entry into and benefits of the
evergreen pork supply agreement between the two companies;
- the competitive conditions and the ability of Maple Leaf Foods
and the new Pork Company to position themselves competitively in
the markets in which they operate;
- the execution of the business strategy of Maple Leaf Foods
following the spinoff, including the development and expected
timing of business initiatives, brand expansion and repositioning,
plant protein category investment and performance, and investment
in potential growth opportunities and the expected returns
associated therewith;
- the execution of the business strategy of the new Pork Company
following the spinoff, including increasing volumes, optimizing
operational and processing efficiencies, and building on
industry-leading sales mix and margins;
- the composition of the management teams of each company and
their ability to execute on each company's business strategy, value
proposition and prospects for growth;
- the ability of Maple Leaf Foods and the new Pork Company to
achieve their respective sustainability objectives;
- changes in customer and consumer expectations related to
sustainability matters; and
- future performance, including with respect to financial
objectives, goals and targets and global pork market dynamics.
The forward-looking statements are based on certain key
expectations and assumptions made in respect of Maple Leaf Foods or
the new Pork Company, as the case may be.
These factors and assumptions are based on
information currently available to the Company, including
information obtained by the Company from third-party sources and
include but are not limited to the following:
- 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,
including possible presence or absence of structural changes
associated with economic recovery since the pandemic;
- the competitive environment, associated market conditions and
market share metrics, category growth or contraction, the expected
behaviour of competitors and customers and trends in consumer
preferences;
- the success of the business strategy of Maple Leaf Foods and
the new Pork Company and the relationship between pricing,
inflation, volume and sales of each company's products;
- prevailing commodity prices (especially in pork and feed
markets), interest rates, tax rates and exchange rates;
- the economic condition of and the sociopolitical dynamics
between Canada, the U.S.,
Japan and China, and the ability of Maple Leaf Foods and
the new Pork Company to access markets and source ingredients and
other inputs in light of global sociopolitical disruption, and the
ongoing impact of global conflicts on inflation, trade and
markets;
- the spread of foreign animal disease (including ASF and Avian
Influenza), preparedness strategies to manage such spread, and
implications for all protein markets;
- the availability of and access to capital to fund future
capital requirements and ongoing operations;
- the availability of insurance coverage to manage certain
liability exposures;
- prevailing regulatory, tax and environmental laws; and
- future operating costs and performance, including the ability
of Maple Leaf Foods and the new Pork Company to achieve operating
efficiencies and maintain sales volumes, turnover of inventories
and turnover of accounts receivable.
Readers are cautioned that these assumptions may prove to be incorrect in whole or in part
and actual results may differ materially from those
anticipated in any forward-looking statements.
Factors that could cause
actual results or outcomes to differ materially from the results
expressed, implied, or projected in the
forward-looking statements contained in this document include,
among other things, risks associated with the following:
- the separation of Maple Leaf Foods into two independent public
companies not proceeding as expected, including as a result of the
conditions of the transaction not being satisfied;
- the possibility that the separation will not be completed
within the anticipated time period or at all;
- the ability of the separated companies to each succeed as a
standalone publicly traded company,
- the possibility that the separation will not achieve its
intended benefits;
- unanticipated effects of the announcement or pendency of the
separation on the market price of the Company's securities and/or
on the financial performance of the Company;
- macro economic trends, including inflation, consumer behaviour,
recessionary indicators, labour availability and labour market
dynamics and international trade trends (including global pork
markets);
- the results of each of Maple Leaf Food's and the new Pork
Company's execution of its business plans, the degree to which
benefits are realized or not, and the timing associated realizing
those benefits, including the implications on cash flow;
- competition, market conditions, and the activities of
competitors and customers, including the expansion or contraction
of key categories, inflationary pressures, pork market dynamics and
Japan export margins;
- the health status of livestock, including the impact of
potential pandemics;
- international trade and access to markets and supplies, as well
as social, political and economic dynamics, including global
conflicts;
- operating performance, including manufacturing operating
levels, fill rates and penalties;
- availability of and access to capital, and compliance with
credit facility covenants;
- the execution of capital projects and investment maintenance
capital;
- food safety, consumer liability and product recalls;
- climate change, climate regulation and each company's
sustainability performance;
- strategic risk management;
- acquisitions and divestitures;
- fluctuations in the debt and equity markets;
- fluctuations in interest rates and currency exchange
rates;
- pension assets and liabilities;
- cyclical nature of the cost and supply of hogs and the
competitive nature of the pork market generally;
- the effectiveness of commodity and interest rate hedging
strategies;
- impact of changes in the market value of the biological assets
and hedging instruments;
- the supply management system for poultry in Canada;
- availability of plant protein ingredients;
- intellectual property, including product innovation, product
development, brand strategy and trademark protection;
- consolidation of operations and focus on protein;
- the use of contract manufacturers;
- reputation;
- weather;
- compliance with government regulation and adapting to changes
in laws;
- actual and threatened legal claims;
- consumer trends and changes in consumer tastes and buying
patterns;
- environmental regulation and potential environmental
liabilities;
- consolidation in the retail environment;
- employment matters, including complying with employment laws
across multiple jurisdictions, the potential for work stoppages due
to non-renewal of collective agreements, recruiting and retaining
qualified personnel, reliance on key personnel and succession
planning;
- pricing of products;
- managing each company's supply chain; and
- other factors as set out under the heading "Risk Factors" in
the Company's Management Discussion and Analysis for the year ended
December 31, 2023.
The Company
cautions readers that the foregoing
list of factors is not exhaustive.
More information about risk factors can be found under the
heading "Risk Factors" in the Company's Annual Management's
Discussion and Analysis for the year ended December 31, 2023, that is available on SEDAR+ at
www.sedarplus.ca. The
reader should review such section in detail. Additional information concerning the Company, including
the Company's Annual Information Form, is available on
SEDAR+ at www.sedarplus.ca.
All forward-looking statements included herein
speak only as of the date hereof.
Unless required by law, the Company does
not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. All forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
About Maple Leaf Foods Inc.
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.