Canadian
Stock Profiles| Canadian
Stock Profiles |
| Founded as Weston's
Model Bakery in 1882, the company quickly grew to become
one of the largest bakeries in Toronto. By 1911, the
Toronto Daily Star opined that it had reached
"immense proportions" with thirty delivery
wagons and product in 500 stores. But the prime mover for expanding the company to where it is today was George's son, Garfield who took over after George Weston died in 1924. Garfield introduced the modern factory plant with mechanized production lines replacing manual bakers working in small shops. He took the company public in 1928. When the stock market crashed in 1929 and the depression ensued, Weston took advantage of the situation to expand into Britain, acquiring 30 British bakeries by 1939. Weston introduced low-priced affordable tea biscuits to England - biscuits formerly available only to the wealthy. In 1939, Garfield Weston was elected as a Conservative to the British Parliament and served in the war cabinet of Winston Churchill. The Canadian company had also grown during the 30s and following WW2, continued expanding and acquiring, adding William Neilsen, the chocolate company to its stable in 1947 and a controlling interest in Loblaws in 1953. The 50s and 60s saw more expansion with the acquisition of the American grocer National Tea company, and fish processors B.C. Packers and Connors Brothers. Garfield's son Galen took over the company in 1974 and revitalized the ailing Loblaws grocery subsidiary, growing the company into Canada's largest supermarket chain. The Neilsen company acquired Cadbury Schweppes in 1987, making the combined company Canada's largest confectioner. It was sold in 1996. National Tea was revitalized and sold as well. Declining sales due to free trade and a worldwide recession in the 1990s led to restructuring and cost efficiency initiatives that are now bearing fruit. Sales grew 41.6% in 1999 and earnings, excluding unusual items, grew 42.8%. Quarterly earnings to Sept. 30, 2000 are up 26.8%. Shares Outstanding: 131,502,107
Address: Phone:
416-922-2500 This page created: Nov. 26, 2000 |
Stock Symbol: WN (TSE) Profile News: Forums: |