Galen Weston, director of George Weston Limited speaks at the company's annual general meeting in Toronto on Tuesday, May 10, 2016. THE CANADIAN PRESS/Nathan Denette
George Weston Ltd said on Tuesday it would sell its Weston Foods fresh and frozen bakery businesses to baking company FGF Brands Inc for C$1.2 billion , as the Canadian food producer looks to shift focus to its retail and real estate units. Earlier this year, the owner of grocer Loblaw Cos Ltd , put its Weston Foods business up for sale. The company said on Tuesday it was "actively engaged" in selling its remaining business that includes cookies, cones, crackers and wafers.
George Weston's bakery businesses accounted for about 75 per cent of Weston Foods' annual net sales, which was C$2.1 billion last year. FGF Brands is an industrial baker based in Ontario, that uses robotics and artificial intelligence systems to make its breads and muffins.
The company uses AI to bake bread? 🤨 sounds tasty 😂
That’s a lot of dough. 😂