Maple Leaf Foods Inc. has announced that it has entered into a definitive agreement to sell its potato processing facility in Lethbridge, Alberta, to Cavendish Farms, an affiliate of J.D. Irving Ltd.
The Lethbridge facility employs approximately 135 people and makes a variety of frozen French fries, hash browns and specialty potato products. Maple Leaf will realize proceeds of approximately $60 million from the sale, which includes inventory and working capital, which will be used to pay down debt. The transaction is expected to close by the end of December.
