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George Weston to buy Keystone Bakery for $185M

NEW YORK (August 30, 2010)—Toronto-based food distributor George Weston Ltd. said Monday its Maplehurst Bakeries LLC unit agreed to acquire Keystone Bakery, a U.S. maker of frozen deserts, for $185 million.

George Weston Chairman W. Galen Weston said the deal will help the company expand in the North American sweet baked goods sector.

Keystone Bakery includes Freed's Bakery in Manchester, N.H., which makes frozen iced cupcakes; Granny's Kitchens in Frankfort, N.Y., which makes pre-fried and thaw-and-sell doughnuts; and Heartland Baking of DuQuoin, Ill., which makes thaw-and-serve cookies.

George Weston's Weston Foods segment offers products for the North American baking industry while its Loblaw segment is a Canadian food distributor.

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