07:19 AM EDT, 07/09/2024 (MT Newswires) -- Maple Leaf Foods ( MLFNF ) on Tuesday said it will spin off its pork business and split into two independent public companies.

Maple Leaf Foods ( MLFNF ) will retain a 19.9% ownership position in the yet-to-be named new pork division and the two companies will have an evergreen pork supply agreement, the company said.

The board approved the separation, which is expected to be completed next year.

The pork company will be led by Dennis Organ, who joined Maple Leaf Foods ( MLFNF ) in February 2023 as president, pork complex. He has more than 27 years of experience in the food industry, including 11 years with Smithfield Foods, where he held senior leadership roles, including chief executive and chief operating officer.

Maple Leaf Foods ( MLFNF ) will continue to be led by CEO and President Curtis Frank. Adam Grogan will remain as COO and David Smales as CFO.