SunOpta Acquires Organic Ingredients, Inc.
TORONTO--Sept. 13, 2004--SunOpta Inc. (SunOpta)
(Nasdaq:STKL) (TSX:SOY) today announced that it has reached an
agreement to acquire 51% of the outstanding shares of Organic
Ingredients, Inc. (Organic Ingredients), headquartered in Aptos,
California. The cash transaction was completed this past weekend. As
part of this transaction, SunOpta has also obtained an option to
acquire the 49% minority position in 2005.
Organic Ingredients is a leading trader and provider of a wide
range of certified organic industrial ingredients including processed
fruit and vegetable based ingredients, sweeteners, vinegars and
others. The company sources and contract manufactures through
exclusive arrangements with suppliers located around the world,
including North America, South America, Europe and Asia. These
exclusive supply arrangements enable the company to maintain a
strategic advantage in the organic food ingredient market, in terms of
cost and availability of supply.
Organic Ingredients also develops many organic private label
products through its experienced staff of industry innovators and
product development team. The combination of dedicated development
resources and exclusive supply agreements enables the company to be a
leading provider of organic ingredients and developer of value-added,
low cost private label organic products.
The company's strategic cost and supply advantage is expected to
generate significant synergies with SunOpta's existing vertically
integrated organic food operations as SunOpta continues to expand its
organic ingredient and finished product offerings.
Organic Ingredients is a profitable growth company with annualized
revenues of approximately U.S.$15.0 million.
Mr. Joseph Stern, President of Organic Ingredients, stated that "I
am very pleased to have reached this agreement with SunOpta. SunOpta's
culture and operating values are very much aligned with Organic
Ingredients. I look forward to working closely with SunOpta's
management to synergize our operations and bring new and exciting
organic ingredients and private label products to market."
Jeremy Kendall, Chairman and CEO of SunOpta Inc., commented that
"We are delighted to reach this agreement with Mr. Stern, a pioneer in
this industry and a recognized organic industry expert. This
acquisition serves to further solidify SunOpta as a key supplier to
the growing organic foods and healthy eating markets."
To learn more about Organic Ingredients, please visit
www.organic-ingredients.com.
SunOpta Inc. is an owner/operator of high-growth ethical
businesses, focusing on integrated business models in the natural and
organic food markets. For the last six consecutive years, SunOpta was
included in Profit magazine's 'Profit 100' list of the 100 fastest
growing companies in Canada. The Company has three business units: the
SunOpta Food Group, which specializes in sourcing, processing and
distribution of natural and organic food products integrated from seed
through packaged products; the Opta Minerals Group, a producer,
distributor, and recycler of environmentally friendly industrial
materials; and the StakeTech Steam Explosion Group that engineers and
markets clean pulping systems using patented steam explosion
technology. Each of these business units has proprietary products and
services that give it a solid competitive advantage in its sector.
For further information, please contact:
SunOpta Inc.
Jeremy N. Kendall, Chairman & CEO
Steve Bromley, Executive Vice President & COO
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
swiekenkamp@sunopta.com
Website: www.sunopta.com
Note: This news release may contain forward-looking information.
Actual future results may differ materially. The risks, uncertainties,
and other factors that could influence actual results are described in
the Company's annual report to shareholders and in SEC filings.
CONTACT: SunOpta Inc.
Jeremy N. Kendall, Steve Bromley, John Dietrich,
or Susan Wiekenkamp, 905-455-2528, ext 103
email: swiekenkamp@sunopta.com
SOURCE: SunOpta Inc.