Maple Leaf Foods is splitting its operations and moving the pork business into a new publicly traded company. 

In a statement on the company website, Curtis Frank, President and CEO of Maple Leaf Foods says as separate companies, Maple Leaf Foods and the new Pork Company will each have exciting prospects, a sharpened execution focus with its own dedicated management team.

Maple Leaf Foods will retain a 19.9% ownership position in the new Pork Company which will continue to provide Maple Leaf Foods with a secure supply of high-quality, sustainable pork at market prices, to meet the needs of its Prepared Foods business.

Executive Chair of Maple Leaf Foods Michael McCain says this is the right transaction at the right time as they move forward with their sustainability vision.

Details on the announcement can be found here.