It’s not clear what the ripple effect will be, but Canada Bread has sold Olivieri Foods, which employs about 375 people in Hamilton and British Columbia.
The fresh pasta and sauce business has been bought by a Spanish-based company for 120-million dollars.
The purchase is expected to close by the end of the year.
The deal comes as Maple Leaf Foods recently expressed interest in selling its 90 per cent stake in Canada Bread, which operates a 100-million dollar plant in the Red Hill Industrial Park on Nebo Road.
The facility is regarded as Canada’s largest bakery and employs about 330 full-time workers, with another 85 at its other Nebo Road plant.