XL Foods enters into management agreement and option with JBS USA Subsidiary

EDMONTON, Oct. 17, 2012 /CNW/ - Today, XL Foods entered into a management agreement with a Canadian Subsidiary of JBS USA. The agreement contemplates JBS assuming management of certain XL Canadian beef packing operations at Brooks, Alberta and the XL Calgary beef plant.

"This action is another positive step to relicensing the XL Lakeside beef plant in Brooks, Alberta. We welcome the assistance of JBS and their resources," said Brian Nilsson, Co-CEO.

The management agreement affords JBS the option to purchase XL's Lakeside beef plant, XL Calgary beef plant and XL's U.S beef packing operations. This agreement also includes the option to purchase Lakeside Feedyards, a feedlot and farming operation near Brooks, Alberta.

XL will continue to manage and operate the U.S beef packing operations.

SOURCE: XL Foods Inc.

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