"We are delighted to have reached this agreement with Nutreco," said Michael McCain, president and CEO of Maple Leaf Foods. "This sale is another major step on our transformational journey as we focus on our core value added bakery, meats and meals businesses."
"Our animal nutrition business is a leader in Canada with a great management team, dedicated employees and excellent prospects, but it does not fit our new strategy. I am very pleased that Nutreco recognized the value of this business. The transaction will result in a significant de-leveraging of our balance sheet and provide Maple Leaf with even more flexibility to re-invest in our value added businesses."