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TORONTO, Oct. 3, 2013 /CNW/ - Maple Leaf Foods (MFI: TSX) today announced that the Competition Act
condition required to proceed with the previously announced sale of
Rothsay, its rendering and biodiesel business, to Darling International
Inc. of Irving, Texas has been satisfied. The Company expects to close
the transaction on October 28th, subject to satisfaction of remaining
Proceeds from the transaction of approximately $645 million will
initially be used to pay down debt. Upon completion of the prepared
meats strategy, management will consider appropriate deployment of
excess capital, including reinvesting in its core consumer packaged
food businesses or returning excess capital to shareholders.
Rothsay is the leading rendering company in Canada and a leading
producer of biodiesel. The business operates six rendering plants
located in Manitoba, Ontario, Quebec and Nova Scotia and a biodiesel
facility in Quebec. It employs approximately 550 people, who will
transition to Darling once the transaction closes. Darling
International Inc. is the largest and only publicly traded provider of
rendering and bakery residuals recycling solutions to the U.S. food
Maple Leaf Foods Inc. is a leading 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 2012.
This document contains forward-looking information within the meaning of
applicable securities law. These assumptions may prove to be incorrect
in whole or in part and actual results may differ materially from those
expressed, implied or forecasted. The Company does not intend to, and
the Company disclaims any obligation to, update any forward-looking
information, whether written or oral, or whether as a result of new
information, future events or otherwise except as required by law.