Maple Leaf Foods to build poultry facility in London, Ontario
Maple Leaf Foods has recently announced its plans to build a poultry processing facility which will expand on 640,000 square feet. The company said that this new unit will be one of the most technologically advanced poultry-processing plants in the world, with leading-edge food safety, environmental, and animal welfare processes and technologies.
Except for the company's capital investment of approimatively C$605.5 million, the project includes also an investment of C$34.5 million from the Government of Ontario and a $20 million investment from the Government of Canada under the Strategic Innovation Fund.
The company announced that it will also receive a C$8 million loan from the AgriInnovate Fund.
Moreover, the company is set to invest another C$5 million over the next fiver years on projects that accelerate adoption of advanced manufacturing and production technologies and support the Maple Leaf's goal to reduce its environmental footprint by 50% by 2025.
"This world-class facility will enable Maple Leaf to meet the steadily growing consumer demand for premium, value-added poultry products, and strengthen Canada's food system," said Michael H. McCain, President and CEO. "It will incorporate leading edge food safety, environmental and animal care technologies that advance our vision to be the global leader in sustainable protein. This is a historic investment in the Canadian poultry sector, providing significant stakeholder and economic benefits and ensuring that Canada has sufficient domestic processing capacity to meet forecasted poultry production and demand."
Maple Leaf added in a statement that it expects this project to deliver annualized benefits of $105 million to the Company's Adjusted EBITDA on a run-rate basis within 12 months of completing start-up, and by the end of 2023.
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