George Weston Focusing On Frozen Bakery As Consolidation In Sector Continues Apace

Canadian food and retail conglomerate George Weston has purchased the US frozen bakery producer Keystone Bakeries for US$185mn. The deal comes 18 months after George Weston sold a US bread-making unit to the Mexican food group Bimbo for US$2.4bn and indicates that it is now ready to reinvest some the cash generated from this sale. The expansion into frozen bakery (and move away from packaged bakery brands) is in line with our view that this sector offers particularly strong opportunities and this deal is a the latest in the line of significant mergers and acquisitions in this

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