Bakery giant Canada Bread Co. has been fined $50 million after pleading guilty to its role in a criminal price-fixing scheme that inflated the price of bread in Canada for years. The settlement is a significant milestone in the competition watchdog's ongoing investigation into alleged bread price-fixing in Canada.
“Fixing the price of bread — a food staple of Canadian households — was a serious criminal offence," Matthew Boswell, Commissioner of Competition, said in a statement. The bread maker admitted that it arranged with its competitor, Weston Foods Inc., to increase prices for various bagged and sliced bread products, such as sandwich bread, rolls and hotdog buns, the Competition Bureau said. At the time of the price-fixing arrangement, Canada Bread was under the ownership of Maple Leaf Foods.
"We are pleased to have resolved this matter, and we look forward to building upon our investments in Canada."
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