SunOpta Inc. Announces Investment in Roasted Snacks Capabilities
December 06 2017 - 7:30AM
Business Wire
SunOpta Inc. (Nasdaq:STKL) (TSX:SOY), a leading global company
focused on organic, non-genetically modified and specialty foods,
announced today that it is making a significant investment in its
roasted snacks operations at its facility in Crookston, MN. In
conjunction with the investment, customers and capabilities from
its Wahpeton, ND roasting facility will be consolidated into the
Crookston location, and operations at the Wahpeton location are
anticipated to cease during the second fiscal quarter of 2018.
These investments further the Company’s ongoing commitment to
produce food products of the highest quality and safety for its
customers and are expected to provide significant operational
efficiencies as part of the Company’s ongoing portfolio
optimization strategy and Value Creation Plan.
“The investment in our roasted snacking capabilities reflects
our continued efforts to optimize our portfolio and focus on
product lines where the Company is effectively positioned to
generate long-term profitable returns,” said Dave Colo, CEO of
SunOpta. “The investment in the Crookston facility will expand our
capabilities and allow us to capitalize on the strong underlying
consumer trends in healthy snacking and further advance our quality
and food safety initiatives.”
The Company expects to incur expenses relating to the Wahpeton
facility closure of approximately $2.0 million to $2.5 million
related to asset impairment charges and severance costs of which
less than $1.0 million is expected to be cash. These charges are
expected to be recognized during the fourth quarter of fiscal
2017.
“I want to thank all of our employees associated with our
Wahpeton, ND facility for their hard work and dedication,” Colo
said. “Each employee has been instrumental in assisting SunOpta in
delivering quality products to our roasted snacks customers.”
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic,
non-genetically modified (“non-GMO”) and specialty foods. SunOpta
specializes in the sourcing, processing and packaging of organic
and non-GMO food products, integrated from seed through packaged
products; with a focus on strategic vertically integrated business
models. SunOpta’s organic and non-GMO food operations revolve
around value-added grain, seed, fruit and vegetable based product
offerings, supported by a global sourcing and supply
infrastructure.
Forward-Looking Statements
Certain statements included in this press release may be
considered "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation, which are based on
information available to us on the date of this release. These
forward-looking statements include, but are not limited to, the
expected operational efficiencies from the investment in the
roasted snacks operations, the expected impact and the anticipated
timing to complete the exit from operations in Wahpeton, ND and
consolidate operations into Crookston, MN. Terms and phrases such
as "expect", "anticipate", "will", "continue", and other similar
terms and phrases are intended to identify these forward-looking
statements. Forward looking statements are based on information
available to us on the date of this release and are based on
estimates and assumptions made by the Company in light of its
experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors the Company believes are appropriate in the circumstances.
The Company makes no representation that reasonable business people
in possession of the same information would reach the same
conclusions. Whether actual timing and results will agree with
expectations and predications of the Company is subject to many
risks and uncertainties as described from time to time under "Risk
Factors" in the Company's Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q (available at www.sec.gov).
Consequently, all forward-looking statements made herein are
qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by
the Company will be realized.
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version on businesswire.com: http://www.businesswire.com/news/home/20171206005363/en/
SunOpta Inc. Contact:ICRScott Van Winkle,
617-956-6736scott.vanwinkle@icrinc.com
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