George Weston To Close Unprofitable Bakery In US
by David Paddon, The Canadian Press
Posted: 2017-11-27 16:16:27 EST

TORONTO - George Weston Ltd. (TSX:WN) says it will close an unprofitable frozen cake factory in the United States by the end of the first quarter of 2018 as it reviews its strategy in light of challenges in its frozen food business.

The underperforming frozen foods segment contributed to a decline in earnings at the company's Weston Foods division, which saw its adjusted EBITDA fall to $80 million in this year's third quarter from $101 million last year.

Overall, the company says it earned a profit attributable to common shareholders of $420 million or $3.25 per diluted share in the quarter ended Oct. 7, up from $254 million or $1.97 per diluted share a year ago.

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