Maple Leaf Foods to buy meat­less foods pro­ducer for US$140 mil­lion


MIS­SIS­SAUGA, Ont. - Maple Leaf Foods (TSX:MFI) has an­nounced it will ac­quire an Amer­i­can com­pany that makes plant-based pro­tein foods for US$140 mil­lion and any re­lated costs. Maple Leaf says it has signed a de­fin­i­tive agree­ment to buy Lightlife Foods Inc., which makes veg­e­tar­ian deli meats, chicken, beef, sausages and other meat­less foods. Pres­i­dent and CEO Michael McCain said in a state­ment that con­sumers are look­ing for al­ter­na­tive pro­tein sources and this grow­ing market is one of Maple Leaf’s strate­gic growth plat­forms. Lightlife’s man­age­ment will con­tinue to run the Turners Falls, Mass.-head­quar­tered com­pany, which will op­er­ate as a sub­sidiary of Maple Leaf.

The deal is sub­ject to a U.S. reg­u­la­tory re­view and is ex­pected to close in March.

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