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    MFI   CA5649051078


Delayed Toronto Stock Exchange  -  04:16:59 2023-03-31 pm EDT
26.15 CAD   +0.93%
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Maple Leaf Foods : Greenleaf Foods SPC to Construct North America's Largest Plant-Based Protein Facility in Indiana

04/08/2019 | 07:31am EDT

New Facility Will More than Double Production Capacity for Category-Leading Brands Lightlife and Field Roast

Greenleaf Foods, SPC (the “Company”), today announced plans to construct North America’s largest plant-based protein manufacturing facility in Shelbyville, Indiana. The 230,000-square-foot facility will more than double the Company’s production capacity to meet the surging consumer demand for its portfolio of brands, including Lightlife® and Field Roast Grain Meat Co™, the #1 and #2 brands in the refrigerated alternative protein category.

The U.S. $310 million Shelbyville facility, slated to become operational in late 2020, will create 460 jobs on the 57-acre property and can be expanded to meet future market growth. The new facility will extend the Company’s network of production facilities, which includes facilities in Seattle, Washington, and Turners Falls, Massachusetts. In addition, the Company plans to invest in equipment to increase capacity and scale production at its existing facilities.

The new Shelbyville facility will enable the Company to meet rapidly rising demand for plant-based proteins by supporting its innovation pipeline across its brands. In January, the Lightlife Burger, Ground, Italian Sausage and Bratwurst Sausage were launched as part of a new pea protein-based product line that delivers the sensory experience and taste consumers crave, marking the brand’s most significant innovation launch in its 40-year history. The new line will be among the products made at the new facility, along with other bestselling products from the Lightlife and Field Roast Grain Meat Co brands.

“Our new facility will be a center of plant-based protein excellence that helps accelerate our company’s growth. This will support our rich pipeline of innovative products that both satisfy increasing consumer demand and drive our continued leadership of this dynamic category in the U.S. and Canada into the future,” said Dan Curtin, President. “Our world-class research and development teams are shattering what were once thought to be the culinary boundaries of plant-based protein products, and our new facility will take those ideas from development to commercialization. We are grateful for the incredible support from the State of Indiana, as well as Shelby County and the City of Shelbyville, who have helped make this a reality.”

“In Indiana, we’re proud to support a global economy with more than 950 foreign-owned businesses here providing quality career opportunities for our residents. And we’re thrilled to welcome Greenleaf Foods, SPC to that growing list and to our Indiana family,” Indiana Governor Eric J. Holcomb said. “Today’s groundbreaking is a significant milestone for the Shelbyville community and for the state of Indiana. I’m confident that our skilled workforce will be a crucial asset, helping support Greenleaf Foods SPC’s growth for years to come.”

At the local level, Shelbyville Mayor Tom DeBaun also praised the announcement. “I am thrilled that Shelby County was chosen for this project. It's further validation that the administrations of the City of Shelbyville and Shelby County are working collaboratively to make this a great place to do business,” DeBaun said. “This project diversifies our employment options locally and regionally as well as bringing tremendous opportunities to our community.”

The North American plant-based protein market had estimated sales of US$1 billion in 2018 and demand for plant-based protein continues to show strong growth. Fresh refrigerated products represent approximately 24% of the total market and delivered 40% sales growth in 2018. While burgers are fueling category growth, all refrigerated products are forecasted to deliver double-digit growth for the next twenty years.

To mark this momentous announcement, Indiana Governor Eric Holcomb, Secretary of Commerce Jim Schellinger and Shelbyville Mayor Tom DeBaun are set to join the Company’s President Dan Curtin at a groundbreaking on the site at the intersection of I-74 and Highway 44, Monday, April 8 at 2 p.m. EST. Representatives of the Indiana Economic Development Corporation and Shelby County Development Corporation will also be present.

Greenleaf Foods, SPC is a wholly-owned, independent subsidiary of Maple Leaf Foods Inc. (TSX:MFI) based in Mississauga, Ontario, Canada. For more information about the Company, visit greenleaffoods.com.

Forward–Looking Statements

This release contains forward-looking statements based on the Company’s current expectations relating its strategies; the anticipated technical capabilities of the new facility; value creation opportunities and other benefits from the projects; consumer tastes, preferences and buying patterns; project execution variables such as engineering, design and construction costs, schedule and approvals; availability of resources and labor necessary for the construction and operation of the facilities; and other factors. As these forward-looking statements depend upon future events, actual outcomes may differ and there can be no assurance that the results or developments anticipated by the Company will be realized. The Company does not intend to, and the Company disclaims any obligation to, update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

About Greenleaf Foods, SPC

Greenleaf Foods, SPC is committed to shaping the future of plant-based foods. Established in 2018, the Company’s portfolio of leading plant-based protein brands includes Lightlife® and Field Roast Grain Meat Co.™. The Company is headquartered in Chicago, and is a wholly-owned, independent subsidiary of Maple Leaf Foods Inc. (TSX:MFI).

© Business Wire 2019
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Sales 2023 5 021 M 3 711 M 3 711 M
Net income 2023 132 M 97,6 M 97,6 M
Net Debt 2023 1 859 M 1 374 M 1 374 M
P/E ratio 2023 -
Yield 2023 3,21%
Capitalization 3 174 M 2 346 M 2 346 M
EV / Sales 2023 1,00x
EV / Sales 2024 0,92x
Nbr of Employees 14 000
Free-Float 60,6%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 26,15 CAD
Average target price 31,67 CAD
Spread / Average Target 21,1%
Managers and Directors
Michael H. McCain Executive Chairman & Chief Executive Officer
Curtis E. Frank Co-President & Chief Operating Officer
Casey Richards Co-President & Chief Growth Officer
Geert Verellen Chief Financial Officer
Andreas Liris Chief Information & Technology Officer
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