Vancouver, BC - Fletcher's Fine Foods Ltd announced that it has signed a letter of intent to purchase 100% of the issued and outstanding shares of Harvest Meats Co. Ltd. ("Harvest") from Messrs. Kenn Propp and Walter Bauer. In addition, Mr. Propp and Mr. Bauer have agreed to sign long term employment agreements with Fletcher's.
"We are very excited about this purchase," said Fred Knoedler, President and CEO of Fletcher's. "I've known Kenn and Walter for a long time and I have always admired their entrepreneurial abilities and work ethic. I am very proud to welcome them to the Fletcher's organization."
"This is our first major initiative in Saskatchewan," said Don Loewen, Chairman of Fletcher's. "Harvest has an excellent reputation for high quality processed meat products. Fletcher's will provide Harvest with the resources needed to accelerate its growth and, in fact, plans are already in place for the expansion of Harvest's Yorkton, Saskatchewan plant."
"We are delighted with this deal," said Mr. Propp. "Fletcher's ability to consistently supply us with high quality raw materials from its expanded Red Deer, Alberta plant, combined with its financial resources, will allow us to significantly grow our business. Harvest's operations are a perfect fit with Fletcher's."
"We are convinced that Fletcher's will emerge as the leading pork processor in Western Canada," said Mr. Bauer, "and are very excited about joining its team."
The transaction is expected to close in early January 1998 and is subject to regulatory approval. Consideration for the deal will include cash and Fletcher's shares.
Fletcher's has been engaged in the food business since 1917. In addition to its Red Deer plant, Fletcher's has facilities and offices in Edmonton and Calgary, Alberta; Richmond and Vancouver, British Columbia; Lake Oswego and Portland, Oregon and Seattle, Washington.
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