Food in Canada | February 10, 2009
Winnipeg-based Parrish & Heimbecker Ltd. (P&H) acquiredBurlington, Ont.-based flour miller Dover Industries Ltd. in December. The familyowned grain dealer, flour miller, feed producer and poultryprocessor paid $19.25 per share (a 39-per-cent premium over theDec. 4 closing price) for 75 per cent of the outstanding shares itdid not already own, or about $100 million. Dover accounts forclose to a third of the one billion dollars worth of flour milledin Canada annually.
Dover Industries operates flour mills in Ontario, Nova Scotia,Saskatchewan and Quebec, with projected 2008 revenues of $320million, and had unaudited operating income of $5 million on $241million in sales for the nine months ended Sept. 30. “P&Hhas been a shareholder and wheat supplier of Dover for manyyears,” says P&H board member John Heimbecker. “Weare thrilled at the prospect of putting these two great companiestogether.”
Last July Dover acquired the Cereal Foods Canada flour mill inMontreal from Mission Woods, Kan.-based Cereal Food ProcessorsInc., the fourth largest flour miller in the U.S.
ED. Note: Parrish & Heimbecker's Hanover ON facility(producer of Butterball Turkeys) is an EMC Member and Safety Groupmember.