#Bimbo high part 4 full
“Since then, Canada Bread has provided full and consistent cooperation with the Competition Bureau. “It was only in 2017 that Canada Bread’s parent company learned about the conduct.
“It is crucial to highlight that Grupo Bimbo was not aware of - nor did due diligence uncover - the conduct prior to its acquisition of the company,” the Mexican bakery giant said in a statement. In court documents, Bimbo said it only learned about the price-fixing activity after the Bureau executed a search warrant against Canada Bread in 2017. In exchange for Canada Bread’s cooperation, Ontario Superior Court Judge Maureen Forestell set the fine below the maximum, but at CA$50m it is still the highest price-fixing fine imposed by a Canadian court. The offences actually happened pre-Bimbo’s ownership, when Canada Bread was majority owned and controlled by Maple Leaf Foods. Grupo Bimbo, too, said it had fully cooperated with the investigation, handing over documents that were not seized during the bureau’s raid. “We immediately reported what we had found to the Competition Bureau and have been cooperating fully with the Bureau since.” Committed to maintaining the trust of consumers Weston, chairman and CEO of George Weston and Loblaw. “In March 2015, we uncovered information that raised concerns,” said Galen G. While Weston and Loblaw admitted to their role in the price-fixing arrangement, the bureau granted them immunity in exchange for their cooperation. (In 2021, Weston offloaded the entire bakery business for an aggregate value of $1.57bn.) The price-fixing scheme - touted as ‘one of the most notorious price-fixing conspiracies in Canadian retail history’ - resulted in two price increases, in 2007 and again in 2011, according to Competition Bureau Canada.Īt the time, Weston Foods was controlled by George Weston Limited, which also operates Canada’s largest retailer, Loblaw Companies Ltd. It admitted a senior executive had arranged to increase prices for various bagged and sliced bread products with executives at its main competitor, Weston Foods (Canada) Inc. In June, Canada Bread Co Ltd - which was acquired by Grupo Bimbo in 2014 - pleaded guilty to four counts of price-fixing under the Competition Act. Packaging & Packing Materials, Containers.Processing Equipment & Systems, Automation, Control.Filling & Packaging Equipment & Systems.
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