George Weston subsidiary to acquire Keystone Bakery
Maplehurst Bakeries, a subsidiary of George Weston (Weston), will buy out the Keystone Bakery business, a manufacturer and supplier of frozen cupcakes, donuts and cookies in the US.
The transaction, which is worth $185m, is subject to the US regulatory approval.
George Weston is a Canadian food processing and distribution group. The company has two operating divisions: Weston Foods and Loblaw which is operated by Loblaw Companies.
Weston Foods unit mainly operates in the baking industry within North America, while Loblaw is a food distributor and provider of general merchandise, drugstore and financial products and services.
Keystone Bakeries has three operating units -- Heartland Baking of Illinois, a specialty supplier of thaw-and-serve cookies; Freed's Bakery, located in New Hampshire, a supplier of frozen, fully finished iced cupcakes; and Granny's Kitchens, based in New York, a supplier of pre-fried and thaw and sell donuts.
Weston chairman and president of Galen Weston said the combination of Keystone Bakery and Weston's baking operations in the US and Canada will allow the company to better serve its customers in the North American sweet baked goods sector.
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