Maple Leaf Foods Inc. has completed the spin-off of its pork operations into Canada Packers Inc. The common shares of Canada Packers began trading on the Toronto Stock Exchange on October 2 under the symbol CPKR.
“Maple Leaf Foods took another bold step in our journey as a focused, consumer packaged goods company by completing the spin-off of our pork operations. Inspired by our commitment to deliver protein with purpose, we are more ready than ever to meet the world’s growing demand for sustainably produced protein,” said Curtis Frank, president and chief executive officer of Mississauga, Ontario-headquarters Maple Leaf Foods. “Building on the strength of our powerhouse brands, our industry leading sustainability practices and our incredible capacity for innovation, we are laser focused on meeting the needs of customers, delighting consumers and delivering value for all our stakeholders.”
“This marks a new chapter for Canada Packers as we launch as an independent public company,” said Dennis Organ, president and chief executive officer. “We are proud to build on our legacy of delivering premium, responsibly produced pork to customers around the world, and are excited to unlock new opportunities for growth, innovation and value creation for our shareholders, our partners and our communities. Our commitment to sustainability, operational excellence, and disciplined growth will set the standard for our industry – and we’re just getting started.”
“This is an exciting, and historic moment for Canadian business, and our industry,” said Michael McCain, executive chairman at Maple Leaf Foods and Canada Packers. “We are moving forward as independent companies, each with a clear investment profile and passionate, extremely experienced teams that are deeply rooted in values-based cultures, and fully prepared to deliver meaningful, long-term value for all stakeholders. The McCain family and McCain Capital Inc. are fully committed to the future of both companies and immensely proud of the purpose-driven commitment to sustainability that each company embodies.”
As part of the spin-off, Maple Leaf Foods is retaining a 16% ownership interest in Canada Packers and the two companies have entered into an evergreen supply agreement, pursuant to which Maple Leaf Foods will become an anchor customer of Canada Packers and Canada Packers will be a supplier of pork to Maple Leaf Foods for its prepared meats business.
In light of the ongoing Canada Post workers’ strike and the resulting disruption of mail services, the mailing of Direct Registration System statements to holders of Canada Packers Common Shares may be delayed until the Strike is over and normal mail services resume.
