George Weston announces closing of sale of its Weston Foods businesses
January 1, 2022 | By Maryam Farag
George Weston Limited announced the closing of the previously announced sale of its Weston Foods fresh and frozen bakery businesses to affiliated entities of FGF Brands Inc.
Prior to closing, George Weston and FGF agreed on a revised purchase price of $1.1 billion for the transaction, as well as certain other amendments, including an adjustment to the working capital provisions as a result of seasonal fluctuations in inventory and accounts receivable.
George Weston continues to work toward completing the previously announced sale of its ambient bakery business, comprised of cookies, cones, crackers and wafers, to affiliated entities of Hearthside Food Solutions, LLC.