Dive Summary:
- Canada's Maple Leaf Foods Inc. is selling its Rothsay rendering and biodiesel business unit to Texas-based food and waste recycler Darling International Inc.
- The six Rothsay plants in Manitoba, Ontario, Nova Scotia and Quebec render fat and protein by-products from the slaughtering process, while another Quebec plant creates biodiesel fuel products; the plants employ 550 people.
- The CA$645 million (USD $613.6 million) received in the deal will be used to pay corporate debt.
From the article:
... "The sale of our rendering and biodiesel business supports our strategy to focus on effective capital deployment and profitable growth in the consumer packaged foods market," said Michael McCain, President and CEO.
"We are delighted to have concluded almost a year-long process with an agreement with Darling, the North American leader in food waste recycling." ...
