TORONTO — Maple Leaf Foods has entered an agreement to acquire Puratone Corp., a hog production company in Manitoba, for $42 million. The transaction includes livestock, facilities and interests in some joint ventures.
“This acquisition will ensure a consistent supply of hogs to our processing facility in Brandon, which is an integral supplier to our value-added prepared meats and pork business,” said Michael H. McCain, president and chief executive officer of Maple Leaf Foods. “We look forward to welcoming Puratone employees to Maple Leaf and benefiting from their experience and strong commitment to best practices.”
Puratone has about 50 barns in Manitoba near Maple Leaf’s Brandon plant and produces about 500,000 hogs annually. Puratone also operates three feed mills.
“This investment reflects our ongoing commitment to securing a strong future for our value-added pork operations in Manitoba, which are a vital part of the province's economy,” Mr. McCain said. “We will continue to manage our operations with a strong commitment to best practices and environmental sustainability.”
The transaction is expected to close within a month.