Canadian processor Maple Leaf Foods has announced the multi-million-dollar acquisition of a major hog production company.
The $42m purchase of the Manitoba-based Purotone Corporation, which produces around 500,000 hogs annually, is expected to be completed within a month, subject to approval from regulators. The company said the sale will include livestock, hog production facilities, three feed mills and “interests in some joint ventures”.
It expects that the deal will allow it produce 1.2 million hogs annually, meaning it will own 30% of the hogs supplied into its processing plant in Brandon.
Commenting on the deal, president and CEO of Maple Leaf Michael McCain said: “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.”