Imperial Sells Louisiana Sugar Refining JV Interest
December 16 2011 - 5:52PM
Business Wire
Imperial Sugar Company (NASDAQ:IPSU) announced that it sold its
one-third joint venture interest in Louisiana Sugar Refining LLC
(“LSR”) to its partners in the joint venture. The Company chose to
sell its LSR interest and certain idle Louisiana real estate
parcels, rather than make additional capital contributions needed
by the venture. The purchase price of $18 million includes $14.2
million of cash at closing, with the remaining $3.8 million payable
over a 21-month period. The Company will continue to operate its
small bag packaging facility in Gramercy with refined sugar
purchased from LSR under an amended supply agreement with a minimum
five-year term.
About Imperial
Imperial Sugar Company is one of the largest processors and
marketers of refined sugar in the United States to food
manufacturers, retail grocers and foodservice distributors. The
Company markets products nationally under the Imperial®, Dixie
Crystals® and Holly® brands. For more information about Imperial
Sugar, visit www.imperialsugar.com.
Statements regarding future market prices and margins, future
import and export levels, future government and legislative action,
future operating results, future availability of raw sugar,
operating efficiencies, results of future investments and strategic
initiatives, future cost savings, future product innovations,
future energy costs, our liquidity and ability to finance our
operations and capital investment programs, future pension plan
contributions and other statements that are not historical facts
contained in this release or discussed on the earnings conference
call are forward-looking statements that involve certain risks,
uncertainties and assumptions. These include, but are not limited
to, market factors, farm and trade policy, our ability to realize
planned cost savings and other improvements, the available supply
of sugar, energy costs, the effect of weather and economic
conditions, results of actuarial assumptions, actual or threatened
acts of terrorism or armed hostilities, legislative, administrative
and judicial actions and other factors detailed in the Company’s
Securities and Exchange Commission filings. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual outcomes may vary materially
from those indicated.
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