Fiera Foods' Growth Attracts Ontario Government Support

Investment will benefit Canada's economy, Ontario suppliers and local communities

TORONTO, March 24, 2014 /CNW/ - Fiera Foods Company, one of North America's leading privately-owned bread and bakery product manufacturers, announces its gratitude to the Ontario Ministry of Agriculture and Food for its $1.5 million in support of Fiera Foods' platform for continued growth and global competitiveness.

This investment will support Fiera Foods' current $146 million expansion project, equipping the Company with innovative new production, storage and freezer capabilities over five years at current sites as well as newly constructed operations. These changes will support the Company's competitiveness and profitability in the near and long term.

"The Ontario Government's support comes at a time when we are investing in the future of our Company and our 1,200 employees, right here in Canada," says Boris Serebryany, CEO and President. "We have been a proudly Canadian Company for more than 25 years and want to continue to grow and support our economy while representing Canada's food industry as we expand into new markets."

"Fiera Foods' competitive edge has always been our dedication to innovation, and this expansion project is a clear demonstration of that commitment," says Alex Garber, COO. "This has translated into Fiera Foods becoming one of the fastest growing food companies in Canada."

Its $146 million investment will create 224 jobs in Ontario, 52 in particular with the freezer expansion, and is expected to double Fiera Foods' annual revenue. Ontario suppliers will also benefit, as they are the major source of raw materials for the Company's manufacturing facilities, including water, flour, margarine and butter, sugar, eggs and packaging.

Food is Canada's leading manufacturing sector by number of employees and number two in GDP contribution, second only to the diverse transportation equipment sector. The food manufacturing sector is a key economic driver. Canadian consumers spend almost $155 billion annually on food, while food exports generate an additional $38.8 billion in revenue for the country. Food is grown and manufactured from one end of Canada to the other, and the industry is fundamental to the survival of numerous communities across the country.

About Fiera Foods Company

In 1989, two former Soviet Union immigrants, Boris Serebryany and Alex Garber, joined efforts at Fiera Foods Company and are still very much involved with the business today. From its humble beginnings, this privately owned food company has grown to become one of North America's leading bread and bakery product manufacturers with four Canadian locations employing 1,200 employees and producing more than $240 million in exports. Fiera Foods is part of an alliance with five other Ontario companies with a combined annual revenue of more than $500 million: Upper Crust, Tristar Bakers, CMS Ontario, Marmora Freezing Corporation and Bakery Deluxe. Fiera Foods specializes in bagels, pastries, croissants and artisan breads and rolls. For more information, visit www.fierafoods.com.

SOURCE: Fiera Foods Company

Courtney Somers, 905-299-5273, [email protected]