Minnetonka, Minn.-based diversified food processor and distributor Michael Foods has signed an Asset Purchase Agreement with Canadian Inovatech to acquire its egg products assets through Michael Foods' wholly-owned Canadian subsidiary, MFI Food Canada. The assets, which include customer lists and egg processing equipment, are expected to generate about C$70m (US$44.8m) in sales this year. Michael Foods will also enter into long-term leases for two plants presently operated by Canadian Inovatech.