Maple Leaf Foods Completes Purchase of Indianapolis Plant

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Mar 19, 2021, 17:00 ET

MISSISSAUGA, ON, March 19, 2021 /PRNewswire/ - Maple Leaf Foods ("Maple Leaf Foods" or the "Company") (TSX: MFI) announced today that its wholly-owned subsidiary, Greenleaf Foods, SPC, completed its previously announced purchase of a 118,000 square foot plant in Indianapolis where it will be installing new equipment to increase the Company's tempeh production capacity to meet growing demand.

Initial production at the plant is targeted to begin in the first half of 2022, and when fully operational, it will employ approximately 115 people.

About Maple Leaf Foods
Maple Leaf Foods Inc. is a producer of food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast™. The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, snacks kits, valued-added fresh pork and poultry, and plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada. The Company employs approximately 13,500 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).

FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements based on Maple Leaf Foods' current expectations and assumptions relating to its business (including the demand for tempeh), the environment in which it operates, its future operations and its ability to execute the build-out and operate the tempeh capacity at the plant. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: the accuracy of the construction schedule and cost estimates; timely receipt of required permits and approvals for construction; current and future demand tempeh; the ability of Maple Leaf Foods to execute its strategic initiatives in connection with this project; availability and cost of engineering resources, construction crews and materials; weather conditions; activities of competitors, customers, and consumers; overall economic conditions; access to capital and financing alternatives; operational risks associated; the legislative, regulatory and tax environment; and other known or unknown factors. There can be no assurance that the results or developments anticipated by Maple Leaf Foods will be realized or that it will have the expected consequences for or effects.

All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Readers are cautioned that they should not unduly rely on these forward-looking statements and that the information contained in the forward-looking statements may not be appropriate for other purposes. Further, readers are cautioned that the forward-looking statements in this news release speak only as of the date hereof. Maple Leaf Foods does not undertake any obligation to update forward-looking statements except as required by securities law.

For additional information on these and other factors, see Maple Leaf Foods's public filings on www.sedar.com, including its Annual Management Discussion and Analysis for the year ended December 31, 2020 and its most recent Annual Information Form.

SOURCE Maple Leaf Foods Inc.