Saputo sells Quebec plant to Canada Bread Company for $120M
Jean Luc Breton, senior vice-president of supply chain at Canada Bread, said the deal is in line with the company’s plans to become more competitive by entering new food categories.
Montreal-based Saputo is primarily a cheese and dairy company with operations throughout Canada, the United States and outside of North America. Canada Bread is a former subsidiary of Maple Leaf Foods, now owned by Grupo Bimbo S.A.B of Mexico.
Grupo Bimbo said the deal will “position Canada Bread for further growth in the country, complementing its current product portfolio and its distribution and manufacturing footprint.”
Canada Bread said it intends to keep operating the bakery, which employs 642 people, as an independent business unit.
The deal is expected to close in February, subject to approval from the Competition Bureau.
— With files from the Canadian Press