Maple Leaf shareholders approve Brandon spinoff

Maple Leaf Foods shareholders have approved the creation of Canada Packers Inc., a new independent company that will assume control of the pork business in Brandon.

The proposal was given overwhelming support at the company’s annual meeting recently.

It received 99.94 per cent approval from all shareholders and 99.88 per cent support from public shareholders, excluding holdings by the McCain family, a major stakeholder. The vote required a two-thirds majority from all shareholders and a simple majority from public investors.

The Toronto Stock Exchange-listed company also confirmed that all board directors were re-elected at the meeting.

The approval is a defining moment in the company’s evolution, president Curtis Frank said.

“By creating two companies, each with its robust business model, focused strategy, distinct investment profile and compelling growth potential, Maple Leaf Foods is ready to unlock its potential as a purpose-driven, protein-focused, branded consumer packaged goods company,” he said.

The shareholder support sets the stage for a bold new chapter, Canada Packers incoming president Dennis Organ said.

“With the confidence of the shareholders, we are excited to take our next steps as a global leader in sustainably produced, premium quality, value-added pork with diversified sales mix and global reach,” Organ said.

The move is poised to deliver value to all stakeholders, executive chair Michael McCain said.

“Shareholders will be able to participate in not one, but two strong, independent, sustainable and purpose-driven businesses, each with a clear mandate and investment profile,” McCain said.

The spinoff was first announced in July 2024 as part of Maple Leaf Foods’ strategy to sharpen its focus on branded, value-added food production. Under the plan, the company will retain a 19.9 per cent ownership stake in the new pork entity.

Canada Packers Inc. will assume control of Maple Leaf’s entire pork operation, while the parent company will continue to focus on its plant-based and prepared foods business lines. The spinoff is expected to be finalized in the second half of 2025, pending regulatory and tax approvals.

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