SunOpta sells land and buildings for US$2.5 million to complete exit from Mexico
July 07, 2011
TORONTO _ SunOpta Inc. (TSX:SOY) has completed its strategic withdrawal from the frozen fruit business in Mexico with the US$2.5-million sale of its land and buildings in Irapuato.
The assets were purchased by affiliates of Fruvemex Mexicali SA, which previously purchased SunOpta's frozen fruit operations in Rosarito and Irapuato, Mexico, for $3.15 million
SunOpta also previously sold its frozen fruit processing equipment in Salinas, Calif., to Cal Pacific Specialty Foods for $1.8 million. The buyers will continue to supply SunOpta with fruit and other products.
``We are now focused on value-added private label frozen fruit products for the retail and food service channel through one processing facility in Buena Park, Calif., and expect our simplified business model to improve long-term profitability in our frozen fruit operations,'' said Steve Bromley, SunOpta's president and CEO.
``Funds from these divestitures will be reinvested in other internal growth projects within the company.''
Stock in SunOpta was up 10 cents at $6.71 Tuesday afternoon on the Toronto Stock Exchange.
Source: MANUFACTURING BUSINESS AGRICULTURE
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