MISSISSAUGA, ONTARIO — Maple Leaf Foods shareholders approved the company’s proposed pork spin-off, which will be known as Canada Packers Inc., during the annual shareholders meeting on June 11.

“This is a historic day in Canada Packers’ progress toward becoming an independent, public company,” said Dennis Organ, incoming president and chief executive officer of Canada Packers. “With the confidence of the shareholders, we are excited to take our next steps as a global leader in sustainably produced, premium quality, value-added pork with diversified sales mix and global reach.”

The vote passed by a landslide. While only 2/3 of approval was required to endorse the spin-off, nearly all the shareholders voted in favor of the proposal, with 99.94% of the votes.

“The overwhelming endorsement of our shareholders for the spin-off of our pork operations marks an important milestone in one of the most transformational transactions in the company’s history,” said Curtis Frank, president and chief executive officer of Maple Leaf Foods. “By creating two companies, each with its own robust business model, focused strategy, distinct investment profile and compelling growth potential, Maple Leaf Foods is ready to unlock its potential as a purpose-driven, protein-focused, branded consumer packaged goods company. I thank our shareholders for supporting our bold vision for the future.”

Maple Leaf Foods expects the transaction will be completed in the second half of 2025, subject to the receipt of an advance tax ruling and other customary closing conditions.

Plans for the spin-off have been in the works for approximately a year, as the company first announced the proposal in July 2024.

“I believe passionately in the powerful potential of this transaction to create value for all our stakeholders,” said Michael McCain, executive chair of Maple Leaf Foods. “Shareholders will be able to participate in not one, but two strong, independent, sustainable and purpose-driven businesses, each with a clear mandate and investment profile.  The McCain family and McCain Capital Inc. are deeply committed to the future of both companies, and we extend our congratulations to the Maple Leaf Foods management team for advancing to this critical next step in our purposeful journey.”

In addition to the spin-off, shareholders voted to re-elect all the incumbent directors to serve on Maple Leaf Foods’ board of directors for the coming year.