000221 Maple Leaf to Buy Moncton Meat ProcessorFebruary 12, 2000Moncton, New Brunswick - Maple Leaf Foods Inc. and Hub Meat Packers Limited of Moncton, New Brunswick, announced they have reached an agreement for Maple Leaf Foods to purchase the Atlantic-based meat processing company. The purchase price was not disclosed. Closing is subject to certain regulatory and other approvals. The acquisition includes the meat processing plants operated by Hub Meat Packers Limited in Moncton, New Brunswick, and by Larsen Packers Limited in Berwick, Nova Scotia. The Hub and Larsen brands are also included in the acquisition. Hub Meat Packers currently has annual sales of approximately $270 million. No changes are currently planned for the businesses or their operations. Hub and Larsen will continue as separate operating entities with current management. David Rinzler will continue as President of Hub Meat Packers and Karl R. Larsen will continue as President of Larsen Packers. "My family has been in the meat processing business in this region for over thirty years. For Hub and Larsen this represents the best possible opportunity for us and our employees in the future as we will be strengthened by Maple Leaf's North American competitiveness and access to international markets," said David Rinzler, President of Hub Meat Packers. "This acquisition fits into our long-term strategy to develop a world-class, Canadian-based meat processing operation that can compete effectively in an increasingly global market," said Michael H. McCain, President and CEO, Maple Leaf Foods Inc. "Hub and Larsen are highly respected businesses in Atlantic Canada. We're very pleased to be making this strategic investment in Atlantic Canada." Maple Leaf Foods is a leading, global, Canadian food processing company with operations across Canada, in the United States, Europe and Asia. The company's products include fresh and prepared meats, poultry, fresh and frozen bakery products, seafood and animal feeds. Its products are sold to retail, food service, wholesale, agricultural and industrial customers. Hub Meat Packers Limited is a privately-owned business established by brothers David, Harold, Gordon and Joseph Rinzler in 1966. The company employs approximately 1,000 employees. The plant includes meat processing operations, packaging and distribution. Brand names include Sunrise, Harvest Gold, Gloucester, and Coachman. Larsen Packers Limited is based in Berwick, Nova Scotia, and is majority-owned by Hub Meat Packers, but operates as a separate company with approximately 400 employees. The plant produces fresh, processed and cured meat products, under the brand names of Larsen, Simons, Brandywyne, Trim Cut and Lite n Low. Hub and Larsen products are primarily marketed in eastern Canada with some exports going to the United States, the Caribbean, Mexico and Asia.
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