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Published on 8 Mar 2021 on CNW Group Test via Yahoo Finance

George Weston Limited to focus on Retail and Real Estate as it announces plans to sell Weston Foods


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TORONTO, March 23, 2021 /CNW/ - George Weston Limited ("George Weston", "GWL", or the "Company") (TSX: WN) today announced its intention to focus on its Retail and Real Estate businesses as it launches a process to sell Weston Foods. This announcement follows a strategic review by the Board of Directors that determined these two pillars will remain the Company's most significant drivers of long-term value creation. Despite its position as a leading North American bakery, Weston Foods remains a small part of GWL's overall value. In the absence of attractive opportunities to increase its relative scale within the Company, the Board believes that a sale represents the best opportunity to unlock its growth potential.

George Weston Limited English corporate logo (CNW Group/George Weston Limited)George Weston Limited English corporate logo (CNW Group/George Weston Limited)

"Weston Foods has been at the core of our company for 139 years. It has a strong foundation, attractive and growing margins, a robust list of customers, strong brands, and a first-rate management team," said Galen G. Weston, Chairman and Chief Executive Officer. "As George Weston focuses its attention on Loblaw and Choice Properties, we are confident this is the right time to unlock the strategic growth potential that exists within Weston Foods through its sale."

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