George Weston Ltd. puts Weston Foods bakery business up for sale after review

0
33
 George Weston Ltd.  puts Weston Foods bakery business up for sale after review


TORONTO – George Weston Ltd. is selling its Weston Foods bakery business to focus on its retail and real estate businesses.
The company said on Tuesday that Weston Foods is only a small part of its business and that a sale is the best opportunity to unlock its potential.

The sale of the bakery business will leave George Weston with a controlling interest in Loblaw Companies Ltd. and a significant interest in Choice Properties Real Estate Investment Trust.

Galen G. Weston, President and CEO of George Weston, said Weston Foods has been at the heart of the business for 139 years.

“It has a solid foundation, attractive and growing margins, a strong customer list, strong brands and a top-notch management team,” he said in a statement.

“As George Weston focuses his attention on Loblaw and Choice Properties, we believe this is the right time to unleash the strategic growth potential that exists within Weston Foods through its sale. ”

Weston Foods produces breads, rolls and other baked goods in Canada and the United States and had sales of $ 2.1 billion in 2020.

As part of the sale, the company also announced the retirement of Loblaw President Sarah Davis effective May 6.

Davis will be replaced by Galen G. Weston, who will resume his role as president and chairman of Loblaw in addition to his current role as president and chief executive officer of George Weston.

“The sale of Weston Foods will allow me to devote renewed time and energy to Loblaw as we increase our momentum both in our brick and mortar network and our leadership in digital and data,” said Galen G Weston.

The companies also announced that Robert Sawyer will join Loblaw as Chief Operating Officer and that Richard Dufresne, President and Chief Financial Officer of George Weston, will expand his responsibilities to include Loblaw’s Chief Financial Officer on May 6.

This report by The Canadian Press was first published on March 23, 2021

LEAVE A REPLY

Please enter your comment!
Please enter your name here