This included reducing annual hog production from partial ownership of almost 2 million hogs to approximately 890,000, winding down or selling our global trading businesses, closing three fresh pork plants and consolidating production into our world-class plant in Brandon, Manitoba.
 
Today, these operations are highly competitive and serve as an integrated supply chain to our branded consumer packaged foods business. This has been a very complex restructuring, but what we set out to accomplish in late 2006 is essentially done. The stronger Canadian dollar had impacted our business by an estimated $100 million or more per year. Through this restructuring of our protein operations, we have recovered these losses.
  We would be in a very different place today if not for the major sliced meats recall in August of 2008, which not only had tragic consequences, but also cost our company over $100 million in direct and indirect costs. During 2009, our focus was to rebuild margins and volumes in our packaged meats business. We have made good progress, with Maple Leaf brand sales recovering to within 10-15% of pre-recall levels. Unfortunately, the residual impact on our financial performance has masked some very material benefits from the restructuring. Fully restoring this business will be the most material driver of near-term earnings growth and we are committed to achieving this in 2010.

Our Agribusiness Group operations provide front and back-end support to our meat processing businesses. At the front end, we have reduced our hog production to provide approximately 20% of our raw materials required to support our Brandon plant. Our cost of raising hogs is now highly competitive with U.S. production costs. While these operations will always be exposed to currency and commodity shifts, they represent a relatively small part of our business portfolio and ensure a supply of high-quality pork to our packaged meat operations. Our rendering operations process by-products from food processing into 100% reusable products, including feed supplements, fertilizer and biofuels. This business continues to be very stable and profitable and provides an essential service to our food processing operations.

OUR STRATEGIC FOCUS:
Our goal is to generate EBITDA margins consistent with our peer group in the consumer packaged food sector, which are typically in the range of 10% to 12%. Our Bakery Products Group is in this zone, our Meat Products Group is not. How will we bridge the gap?