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Maple Leaf Selling off its Turkey Farms

Maple Leaf Foods Sells its Turkey, Breeder and Hatchery Operations

By Amanda Brodhagen, Farms.com

One of Canada’s largest poultry processors, Toronto-based Maple Leaf Foods has agreed to sell its turkey operations to two Ontario companies – Ernald Enterprises Ltd. and Cuddy Farms Ltd.

Six turkey farms will be sold to Ernald Enterprises. The deal will have Ernald supplying live turkeys to Maple Leaf’s Thamesford processing facility, under a five-year agreement. Ernald owns 1,200 acres of farmland and already operates five turkey and chicken operations located in Southern Ontario.

In a separate deal, Maple Leaf will sell off its breeder and hatchery operations to Cuddy Farms. Cuddy is the leading producer of turkey eggs and poults in Canada. It also does business internationally with more than twenty countries around the world.

Financial details of the sales haven’t been disclosed, but Maple Leaf did say, that the majority of its approx 100 employees will move to Ernald and Cuddy, once the deal is closed.  The locations are mostly in Thamesford, Mossley, Aylmer, Putnam, Ingersoll and Woodstock areas.

The company’s shares rose 1.8% to $15.72 in early trading on Monday.  Some are speculating that Maple Leaf may now emerge as a takeover target, as its stock has reached multiyear highs.
 


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