Maple Leaf Foods has entered into a definitive agreement to acquire the Puratone Corp., a hog production company, for approximately $42 million including livestock, facilities, and interests in some joint ventures. The transaction is expected to close within a month, subject to court and regulatory approvals.
“This acquisition will ensure a consistent supply of hogs to our processing facility in Brandon (Manitoba, Canada), which is an integral supplier to our value added prepared meats and pork business,” said Michael H. McCain, President and CEO. “We look forward to welcoming Puratone employees to Maple Leaf and benefiting from their experience and strong commitment to best practices.”
Puratone operates about 50 barns in the province of Manitoba, Canada, in proximity to Maple Leaf’s Brandon plant and produces approximately 500,000 hogs annually. Puratone also operates three feed mills that provide a dedicated supply to support their hog production operations. With this acquisition, Maple Leaf will own approximately 30% of its hog supply in Brandon and produce approximately 1.2 million hogs annually.
Maple Leaf Foods Inc. is a food company headquartered in Toronto, Canada. The company employs approximately 19,500 people at its operations across Canada and in the United States, the United Kingdom, and Asia. The company had sales of $4.9 billion in 2011.