W. Galen Weston, Chairman of George Weston Limited (TSE: WN), announced yesterday that all regulatory requirements have been satisfied with respect to Weston’s acquisition of Bestfoods Baking Co., Inc. from Unilever and that the transaction has now closed.

Company Profile:

George Weston Ltd

On closing, Richard J. Currie, President of George Weston Limited, announced the appointment of Gary J. Prince, President of Weston Foods, Inc. as President of Bestfoods Baking Co., Inc., which will be renamed George Weston Bakeries Inc.

Mr. Currie further announced Weston would immediately begin exploring opportunities to sell the Oroweat brand and the six bakeries in Texas, Colorado, California and Oregon. Total sales of the assets to be sold were approximately US$550 million in 2000. The Company is retaining all other baking assets acquired as part of the Bestfoods Baking transaction.

Weston believes the sale of these assets will focus its core baking assets and geographies in the eastern half of the U.S., maximize the impact of the synergies from the Bestfoods Baking transaction, and maximize the opportunities for the Oroweat brand.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Mr. Prince announced that Merrill E. Eastman, President of Bestfoods Baking, would stay with George Weston Bakeries Inc. as a Special Consultant to help ensure a smooth transition and integration of the businesses.

Mr. Prince further announced that Antonio (Tony) L. Leta, formerly Vice President-Sales, would become Vice President and General Manager of Stroehmann Bakeries, L.C., effective immediately.

Morgan Stanley is acting as financial advisor to George Weston on the sale of the Oroweat business.

To view related research reports, please follow the links below:-

The World Market for Bakery Products

Key Players in the Global Bakery and Snacks Industries