Glacier FarmMedia—Efforts by Maple Leaf Foods to spin off its pork operations into a separate entity received the green light from the company’s shareholders.
On June 12, the Canadian food processing giant announced the creation of Canada Packers Inc. had been overwhelmingly approved at its annual meeting.
The Toronto Stock Exchange-listed company said shareholders also re-elected all board directors.
The spin-off vote required approval from two-thirds of all shareholders and a simple majority of public shareholders. It passed with 99.94 per cent support from all shareholders and 99.88 per cent from public shareholders, excluding McCain family holdings, a company release said.
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‘Ready to unlock its potential’
Curtis Frank, president and chief executive officer of Maple Leaf Foods, said the shareholders’ endorsement of the move marks an important milestone in what he describes a one of the most transformational transactions in the company’s history.
“By creating two companies, each with its own robust business model, focused strategy, distinct investment profile, and compelling growth potential, Maple Leaf Foods is ready to unlock its potential as a purpose-driven, protein-focused, branded consumer packaged goods company,” Frank said in the release.
Incoming president and CEO of Canada Packers, Dennis Organ, agreed that the approval marks a historic milestone.
“With the confidence of the shareholders, we are excited to take our next steps as a global leader in sustainably produced, premium quality, value-added pork with diversified sales mix and global reach,” he said said.
The transaction will benefit all stakeholders, said executive chair Michael McCain.
“Shareholders will be able to participate in not one, but two strong, independent, sustainable and purpose-driven businesses, each with a clear mandate and investment profile,” he said.
Deal announced last year
Maple Leaf announced last July, that it would split off its pork division into an independent company, including plans to retain a 19.9 per cent ownership of the pork business.
The spin-off will separate Maple Leaf Foods’ plant-based and prepared foods operations from its pork business, creating two independent publicly-traded companies. The transaction is expected to close in the second half of 2025, pending an advance tax ruling and other customary conditions.
