George Weston signs deal to sell fresh and frozen bakery business for $1.2B

Advertisement

Advertise with us

TORONTO - George Weston Ltd. has signed a deal to sell its Weston Foods fresh and frozen bakery businesses to FGF Brands Inc. for $1.2 billion.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 26/10/2021 (1788 days ago), so information in it may no longer be current.

TORONTO – George Weston Ltd. has signed a deal to sell its Weston Foods fresh and frozen bakery businesses to FGF Brands Inc. for $1.2 billion.

The company put Weston Foods up for sale in March as part of a plan to focus on its retail and real estate businesses including its large stake in Loblaw Companies Ltd. and interest in Choice Properties Real Estate Investment Trust.

“The Weston Foods business has been the foundation for the Weston Group in Canada since its establishment in 1882 and the decision to sell it was a difficult one,” chairman and CEO Galen G. Weston said in a statement Tuesday.

A George Weston Ltd. image is shown at the company's annual general meeting in Toronto on Tuesday, May 10, 2016. THE CANADIAN PRESS/Nathan Denette
A George Weston Ltd. image is shown at the company's annual general meeting in Toronto on Tuesday, May 10, 2016. THE CANADIAN PRESS/Nathan Denette

“However, we are pleased that the purchaser of the fresh and frozen businesses is FGF, another long-standing family business with a strong presence in bakery and a significant footprint in Canada. With FGF as the new owner, the business will be in good hands.”

Weston Foods produces bread, rolls and other baked goods in Canada and the U.S.

The company makes private label products and brands including Wonder, Ace Bakery and D’Italiano.

The fresh and frozen bakery businesses made up about 75 per cent of Weston Foods’ 2020 net sales.

George Weston said Tuesday it remains committed to selling its remaining food business — comprised of cookies, cones, crackers and wafers.

FGF Brands is a Canadian, family-owned bakery company founded in 2004.

Its brands include Stonefire Authentic Flatbreads and Simple Joys Bakery and has bakeries in Canada and the United States.

The sale is subject to regulatory approval and other closing conditions and is expected to close before the end of the first quarter of 2022.

The company said it expects to return the net proceeds from the sale to shareholders through share repurchases over time.

This report by The Canadian Press was first published Oct. 26, 2021.

Companies in this story: (TSX:WN)

Report Error Submit a Tip

More Stories

Manitobans mostly optimistic about time change

Nicole Buffie 5 minute read Preview

Manitobans mostly optimistic about time change

Nicole Buffie 5 minute read 6:47 PM CDT

Turning the page on turning back the clocks in Manitoba was met with enthusiasm — and some hesitation — Thursday.

Calling the move “perfect,” the general manager of Larters at St. Andrews Golf & Country Club said a switch to permanent standard time would have hurt men’s and women’s golf leagues.

The course could have tried to open an hour earlier, but some after-work leagues may have been forced to cancel owing to not enough daylight.

“It would get dark too early and people can’t leave work early to go play an hour earlier,” said Geoff Kehler. “It would have been really bad for the business.”

Read
6:47 PM CDT

Winnipeg, police and downtown crime

Editorial 4 minute read Preview

Winnipeg, police and downtown crime

Editorial 4 minute read Yesterday at 2:01 AM CDT

A safer downtown is not much use if people are still afraid to walk there.

That is the uncomfortable message from Winnipeg’s latest police citizen survey, and one city council should take seriously.

Downtown crime has fallen this year, according to the most recent police statistics. Violent crime is down even more. But for most Winnipeggers, the downtown still feels like a place to avoid, particularly after dark.

Only 44 per cent of survey respondents said they feel very or reasonably safe walking alone downtown during the day. At night, that number plunges to just eight per cent. Among women, it is an appalling three per cent, compared with 14 per cent of men.

Read
Yesterday at 2:01 AM CDT

‘Parental rights’ issue resurfaces

Maggie Macintosh 5 minute read Preview

‘Parental rights’ issue resurfaces

Maggie Macintosh 5 minute read 2:00 AM CDT

Trustee campaign material that condemns rainbow flags is being met with outrage of all kinds, written complaints and, in one case, a cease-and-desist order.

“Parental rights,” including questions about classroom diversity, equity and inclusion policies, are resurfacing heading into school board elections across Manitoba.

“People are trying to advance their politics and their issues while simultaneously calling teachers ideologues and brainwashers,” said Shannon Moore, an associate professor at the University of Manitoba who studies sexual health education. “And I find that rich.”

Moore said parents have a right to choose independent school or homeschool, but they do not have a right to dictate curriculum that is currently developed using research and mainstream morals.

Read
2:00 AM CDT

Federal Court awards OCN $27M, 62 years after construction of hydro dam

Nicole Buffie 5 minute read Preview

Federal Court awards OCN $27M, 62 years after construction of hydro dam

Nicole Buffie 5 minute read Updated: Yesterday at 12:02 PM CDT

The Federal Court has ordered Ottawa pay Opaskwayak Cree Nation $27 million over damages suffered due to the construction of the Grand Rapids hydro dam in the 1960s.

In a decision dated Sept. 3, Federal Court Justice Sébastien Grammond says the federal government had a fiduciary duty to protect the community from the impacts of the dam.

“When the Crown exercises a discretionary power over an Indigenous interest, it has a fiduciary duty and it must exercise the discretion in the best interests of the Indigenous group,” the ruling said. “Canada breached its fiduciary duty to OCN because it approved the (project) without ensuring that the impacts of the Grand Rapids dam on OCN’s traditional way of life were mitigated or compensated.”

The First Nation took the federal government to court in February over impacts on the community after the dam, located about 145 kilometres southeast of Opaskwayak Cree Nation, was installed on the Saskatchewan River in 1964. The case was heard over 14 days in a judge-alone trial in Winnipeg.

Read
Updated: Yesterday at 12:02 PM CDT

Jets GM insists club’s not working under any deadline in netminder’s trade request

Mike McIntyre 7 minute read Preview

Jets GM insists club’s not working under any deadline in netminder’s trade request

Mike McIntyre 7 minute read Updated: 5:27 PM CDT

Connor Hellebuyck and his family were subject to so much post-Olympic vitriol that both the Winnipeg Jets security team and even police had to get involved.

Read
Updated: 5:27 PM CDT

RCMP charge N.D. man after driver flees Emerson border crossing

Free Press staff 2 minute read Preview

RCMP charge N.D. man after driver flees Emerson border crossing

Free Press staff 2 minute read Yesterday at 1:57 PM CDT

A North Dakota man faces a string of charges after police say he fled the Emerson border crossing, leading RCMP on a pursuit along Highway 75.

Emerson RCMP were notified just before 6:30 p.m. Saturday that a man entering Canada from North Dakota had sped away from the port of entry after Canada Border Services Agency officers flagged him for a secondary screening.

Officers from several RCMP detachments and the Integrated Border Enforcement Team were sent to Highway 75.

Police said Morris RCMP tried unsuccessfully to stop the vehicle south of the town. Police later blocked Highway 75 at Provincial Road 210, but said the driver went around police vehicles, drove through a ditch and narrowly missed an officer before continuing north toward Winnipeg.

Read
Yesterday at 1:57 PM CDT