SunOpta Announces Sale of Hamilton Plant
TORONTO--Jan. 19, 2004--SunOpta Inc. (SunOpta)
(Nasdaq:STKL) (TSX:SOY) announced today that Opta Minerals (formerly
the Environmental Industrial Group) has completed the sale of the land
and buildings located at the Group's manufacturing and processing
facility located in Hamilton, Ontario. The sales price was Cdn.
$1,325,000 and the transaction closed on January 16, 2004.
Production from the Hamilton facility has been transferred to the
Group's facilities located in Waterdown, Ontario. A number of
employees have been relocated from Hamilton to Waterdown. Equipment
from the Hamilton operations has been transferred to other facilities
across the Group.
This transaction is immediately cash positive and will generate
annualized pre-tax earnings of approximately Cdn. $375,000. As a
result of the costs related to the removal and transfer of equipment,
severance and related costs associated with implementing this
rationalization, the company incurred a net one-time pre-tax cost of
approximately Cdn. $275,000 in fiscal 2003 and will incur one time
pre-tax costs of approximately Cdn. $135,000 in 2004 which will be
offset by earnings as noted above.
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 five 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
Food Group, which specializes in sourcing, processing and distribution
of natural and organic food products; integrated from seed through
packaged products; the Environmental Industrial Group; a producer,
distributor, and recycler of environmentally friendly industrial
materials; and the Steam Explosion Technology Group who engineer and
market 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.
Websites: www.sunopta.com www.sunrich.com www.bei.ca
www.steamexplosion.com www.sunrichvalley.com www.organickitchen.ca
www.wildwestorganicharvest.com www.kettlevalley.net www.opta-food.com
www.proorganics.com www.sigcosun.com www.dakotagourmet.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
Susan Wiekenkamp
905-455-2528, ext 103
info@sunopta.com
SOURCE: SunOpta Inc.