By Mike Arnold:Maple Leaf Foods [(MLFNF.PK)(MFI.TO)] ("Maple Leaf" or "MLF" or "the company") is an undervalued Canadian food producer, comprised of a protein business and a bakery business. While the Maple Leaf business couldn't be more bland, the restructuring currently underway at Maple Leaf is more intriguing and causing the investment opportunity in the shares.
TORONTO — Maple Leaf Foods Inc. posted a $14.8-million loss in what the company concedes was a “very difficult” first quarter, but CEO Michael McCain described the problems as both “transitory” and “self-correcting.”
“This was a very difficult quarter, with lower earnings in our protein business overshadowing good improvement in our bakery results,” McCain said.
TORONTO — Maple Leaf Foods Inc. (TSX:MFI) has agreed to sell its Rothsay business unit to a Texas-based company.
The Rothsay business operates six rendering plants and a biodiesel plant employing a total of 550 in four provinces.
The rendering plants in Manitoba, Ontario, Nova Scotia and Quebec recover fats and proteins produced as a by-product of the slaughtering process.
The biodiesel plant in Quebec creates products for use as fuel.
Saab's owner Swedish Automobile said Wednesday it had secured more short-term funding with a 25-million-euro ($36-million) loan and that it has paid its staff's salaries for June."Swedish Automobile announces that it entered into a 25 million euro convertible bridge loan agreement with Gemini Investment Fund Limited, thereby securing additional short-term funding," it said in a statement.
In trading on Monday, shares of Maple Leaf Foods Inc. (Toronto: MFI) crossed below their 200 day moving average of $11.36, changing hands as low as $11.20 per share. Maple Leaf Foods Inc. shares are currently trading down about 2.3% on the day. The chart below shows the one year [...]
WINNIPEG, Manitoba (Reuters) - Maple Leaf Foods , one of Canada's biggest hog processors and bakers, is buying distressed hog producer Puratone Corporation to secure hog supplies as farmers struggle to manage heavy losses. Maple Leaf will pay C$42 million ($42 million) for Puratone, based in the western Canadian province of Manitoba, in a deal expected to close within a month, Maple Leaf said on Thursday. Soaring grain costs, due to the severe U.S. drought, have caused North American hog farmers to incur losses of as much as C$50 for every pig they raise, forcing some to exit the industry. ...