Imperial Sugar Company Completes Sale of Its Investment in Wholesome Sweeteners
April 09 2012 - 10:42AM
Business Wire
Imperial Sugar Company (NASDAQ:IPSU) announced today that it had
completed the sale of its 50% interest in Wholesome Sweeteners,
Incorporated to an affiliate of Arlon Group, a private investment
group focused on food and agriculture. The net proceeds of $60.4
million cash, which is subject to adjustment upon determination of
Wholesome’s closing date working capital, were used to reduce
borrowings under Imperial’s revolving line of credit. Outstanding
borrowings under the credit agreement were $7.8 million after
receipt of the sales proceeds. Imperial expects to report a gain on
the sale of approximately $38 million in its third fiscal quarter
ending June 30, 2012.
Wholesome Sweeteners is the leading provider of organic and fair
trade certified sweeteners in North America. The company, which was
formed in 2001, was a 50/50 joint venture between Imperial and
Edward Billington and Son, Limited of Liverpool, England prior to
the sale.
About Imperial Sugar
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. With
packaging and refining facilities across the U.S., 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 final net proceeds, expected gain and other
statements that are not historical facts contained in this release
are forward-looking statements that involve certain risks,
uncertainties and assumptions. 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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