MAPLE LEAF FOODS SIGNS LETTER OF INTENT
MAPLE LEAF FOODS SIGNS LETTER OF INTENT TORONTO, Oct. 14 /PRNewswire/ -- Maple Leaf Foods Inc.
(TSE, ME: MLF) announced today that it has signed a letter of intent to purchase the assets of Unox Meats Canada from Unilever Canada.
Unox Meats is a prepared meats company with annual sales in excess of $90 million. It markets its products under the well known SHOPSY'S, HYGRADE and LA BELLE FERMIERE brands. The company operates a manufacturing facility in Ontario and sells and distributes its products nationally. Closing the transaction is subject to the completion of a due diligence process and the obtaining of regulatory approvals. David Lees, president of Maple Leaf Foods' Consumer Foods Group, said that "The acquisition of Unox will strengthen our prepared meats business, particularly into the food service market, where the SHOPSY'S name is well known and respected for its quality." He went on to say that "This acquisition is consistent with our corporate strategy. The prepared meats business is a core business to Maple Leaf Foods and one which we will continue to grow." In February of this year, Maple Leaf Foods purchased Vancouver Fancy Meats, a Vancouver-based European specialty prepared meats operation and the strong OVERLANDER brand, which the company is now introducing into Eastern Canada. Maple Leaf Foods is Canada's largest food processing company with operations across Canada, in the United States and Europe. The Company's products include fresh and prepared meats, poultry, flours, bakery mixes, fresh and frozen bakery products, seafood and animal feeds. Its products are sold to retail, food service, wholesale, agricultural and industrial customers worldwide. -0- 10/14/92 /CONTACT: A.F. Devlin, senior vice-president, corporate affairs of Maple Leaf Foods, 416-926-2047/ (MLF) CO: Maple Leaf Foods Inc. ST: Ontario IN: FOD SU: TNM
PS -- NY046 -- 9876 10/14/92 12:38 EDT
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|Date:||Oct 14, 1992|
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