Saputo Inc. completed on Monday the transaction announced on December 18, 2014 and sold Saputo Bakery Inc., its Bakery Division, to Canada Bread Company, Limited, a subsidiary of Grupo Bimbo S.A.B. de C.V.
The Bakery Division produces, markets and distributes mainly snack-cakes in Canada, which are sold almost exclusively in the retail market. It is the largest manufacturer of snack-cakes in Canada and also sells, on a small scale, in the U.S. The Bakery Division operates one manufacturing facility located in the province of Quebec and employs 642 employees. In fiscal 2014, the Bakery Division had approximately $139 million in revenues and represented less than 2% of Saputo's consolidated revenues.
Canada Bread Company, Limited, headquartered in Etobicoke, Ontario, Canada, is a leading producer and distributor of packaged fresh bread and bakery products, operates 16 bakeries, employs approximately 3,800 people across Canada, and serves major grocery chains, retail outlets and foodservice operations.