Maple Leaf Foods has revealed the name of its pork business, which will soon be spun off as a separate publicly-traded company.
Canada Packers is expected to become an independent company next year, a move first announced in July.
“We are thrilled to launch Canada Packers as the new name for our future independent pork company,” said Dennis Organ, president of Maple Leaf Foods’ pork complex and incoming CEO of Canada Packers.
“This choice reflects our deep respect for the history and legacy of this iconic brand while affording us the opportunity to bring it forward and blend it with our ambitious vision for the future as a world-leading pork producer.”
Maple Leaf will hold a 19.9% interest in the new pork company, which will continue to supply the parent business.
In its existing set-up, Maple Leaf delivered sales last year of C$4.9bn ($3.5bn). The company operates 23 manufacturing plants in Canada and the US and offers branded meat and private label to retail and the foodservice channels.
“Canada Packers is a distinctive, memorable and authentic name for the new pork company,” Curtis Frank, Maple Leaf's president and CEO, said.
“While grounded in solid roots that have been an important part of Maple Leaf Foods' history, Canada Packers also provides a platform for the forward-thinking vision that Dennis and his team have embraced as they chart their next steps as an independent company. We are excited for what the future holds for Canada Packers as we advance plans to complete the separation of the businesses in 2025.”
Outside of pork, the Canada Packers business will house the meat and alternative-protein assets. The latter includes the Field Roast and Lightlife brands.
Animal meat lines feature the company’s namesake brand and Schneiders, among others, including poultry.
“Leveraging the historic past was key, but not at the expense of the future and progress this brand represents,” Organ added.
“The new branding honours these roots while propelling Canada Packers towards a dynamic and innovative future. We expect the new Canada Packers logo and branding to be a beacon for leadership in the fresh food space globally for another hundred years.”
Based on an estimate for the fiscal year to 31 March 2024, the pork business is likely to have an adjusted EBITDA of around C$70m or C$180m “when adjusted for normal market conditions”.
