Weston Buying Keystone Bakery
August 30/Toronto/PRNewswire-FirstCall - George Weston Limited announced that its subsidiary, Maplehurst Bakeries LLC, has agreed to purchase the Keystone Bakery business, a U.S. manufacturer and supplier of frozen cupcakes, donuts and cookies to in-store bakeries and food service channels for US $185 million. Keystone Bakeries is comprised of three operating companies: Freed's Bakery of Manchester, NH, a supplier of frozen, fully finished iced cupcakes; Granny's Kitchens of Frankfort, NY, a supplier of pre-fried and thaw-and-sell donuts; and Heartland Baking of DuQuoin, IL, a supplier of thaw-and-serve cookies. The transaction is subject to U.S. regulatory approval.
W. Galen Weston, the chairman and president of Weston in announcing the transaction stated, "I am very pleased to welcome Keystone Bakeries and the employees of Freed's, Granny's and Heartland to the Weston Group. The combination of Keystone Bakery and Weston's baking operations in the U.S. and Canada will allow us to better serve our customers in the North American sweet baked goods sector."
From the September 7, 2010, Prepared Foods E-dition