Maple Leaf Foods halts efforts to sell facility
April 02, 2009
by Keith Nunes
TORONTO — Maple Leaf Foods has halted its efforts to sell its Burlington, Ont., pork processing facility. The company cited current economic conditions as the reason.
"The current economic conditions and credit markets have created a less than ideal environment to sell any business," said Michael Vels, chief financial officer. "There is no immediate urgency to selling the Burlington business. It is an efficient and profitable business and we want to ensure we negotiate an offer that recognizes the appropriate value for the business and meets the expectations of our shareholders."
The company does not plan to proceed with the formal sales process until the financial markets rebound, which it does not expect to occur until the early part of 2010.