Maple Leaf Foods, a major Canadian meat and poultry company, announced a restructuring plan today that will merge its meat and plant protein businesses into a single unit. The move aims to simplify operations and drive growth across all protein categories.
During a quarterly earnings call on February 12, Curtis Frank, CEO of Maple Leaf Foods, stated, “While there are still some headwinds to navigate in the very near term, the structural health of our business and our long-term growth potential and to create shared value is undeniable,” He further noted the goal of transforming the company into a “brand-led protein powerhouse,” leveraging nearly three decades of industry experience, as reported by WATTPoultry.
“As an integrated protein company, we have tremendous opportunities ahead of us”
The company’s plant-based protein portfolio, which includes Lightlife and Field Roast brands, saw a 13.2% sales decline in 2023 compared to the previous year. However, Adjusted EBITDA improved significantly, achieving the company’s target of neutral or better performance in the latter half of the year. This marks a notable turnaround from a period of reduced demand, leading to a 25% cut in the Plant-Based Greenleaf Division a few years prior.
“In 2023, we made great progress in advancing our strategic blueprint, delivering top-line growth of 2.7%, recording an increase of $155 million in Adjusted EBITDA to $428 million for the year, and meeting our commitment to achieve Adjusted EBITDA neutral or better in our Plant Protein business as we exited the year,” commented Frank in a press release.
Maple Leaf Foods’ expansion into the plant-based protein market began with the acquisitions of US-based Lightlife Foods in 2017 and Field Roast Grain Meat Co. in 2018. These brands were later integrated under Greenleaf Foods SPC, a fully-owned subsidiary of Maple Leaf Foods.
Looking ahead, Maple Leaf Foods envisions a cohesive operation that capitalizes on its integrated capabilities. “As an integrated protein company, we have tremendous opportunities ahead of us. Together, we are a powerhouse, and we will leverage our combined strength to build our brands in Canadian, US and international markets,” Frank concluded.
