(Toronto) George Weston says he has signed an agreement to sell his room temperature bakery business to Heartside Food Solutions for $ 370 million.
This division of Weston supplies cookies, crackers, cones and flakes to retail and food service customers in Canada and the United States. The Toronto-based company said it would sell the business to Heartside Food Solutions, a contract manufacturer and producer of baked goods, snacks, nutrition bars and more.
George Weston announced in March his intention to sell his bakery business and focus on its retail and real estate business.
In October, the company struck a deal to sell its fresh and frozen bakery business to FGF brand affiliates for $ 1.2 billion in cash.
The sale of the fresh and frozen food business and the sale of the room temperature products business together will distribute the entire bakery business to George Weston for a total value of $ 1.57 billion.
Sales of the Room Temperature Bakery business are expected to close by the end of the first quarter of 2022. The company said it intends to return net income from the two transactions to shareholders through share buybacks over time.
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