CANADA – Maple Leaf Foods is set to separate its pork business into a distinct publicly-traded entity, aiming to “unlock significant growth potential.”
The Canadian protein giant plans to reveal a new name for the pork division soon, with the split expected to finalize next year.
Curtis Frank, Maple Leaf Foods’ President and CEO, expressed optimism about the move, stating, “This transaction marks the beginning of a new era, enabling each business to fully realize its unique value and growth opportunities. As independent entities, Maple Leaf Foods and the new pork company will each benefit from focused management, dedicated to their specific strategic goals.”
The restructuring will see Maple Leaf Foods retain a 19.9% stake in the newly formed pork company, which will continue to supply the parent firm.
The decision has received the backing of both the board and the McCain family, Maple Leaf’s largest shareholder and owner of the well-known Canadian French fries brand.
Frank will continue to helm Maple Leaf Foods, while Dennis Organ, a former executive at Smithfield Foods who joined Maple Leaf in 2023, will take over as CEO of the pork company.
Organ has been instrumental in managing Maple Leaf’s pork operations since his arrival.
Michael McCain, executive chair of Maple Leaf Foods, shared his enthusiasm for the split, saying, “I am deeply passionate about both businesses and firmly believe in the transformative potential of this transaction.”
Last year, Maple Leaf Foods reported sales of US$3.5B.
The company operates 23 manufacturing facilities across Canada and the United States, supplying branded and private-label meat products to retail and foodservice markets.
The remaining Maple Leaf Foods business will encompass the company’s meat and alternative-protein assets, including well-known brands like Field Roast and Lightlife.
The company’s animal meat products will continue under its flagship Maple Leaf brand, as well as Schneiders and other poultry lines.
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