SunOpta Completes Purchase of Oat Fiber Processing Facility
TORONTO--April 19, 2004--SunOpta Inc.
(Nasdaq:STKL) (TSX:SOY) today announced that its wholly owned
subsidiary, SunOpta Ingredients, Inc., (the Company) has completed the
previously announced purchase of the General Mills Bakeries &
Foodservice oat fiber processing facility located in Cedar Rapids,
Iowa, and commenced operating the facility earlier today. As part of
this purchase, the Company has entered into an agreement to supply oat
fiber to General Mills, Inc.
With the addition of this facility and the previously announced
expansions at existing operations, the Company has essentially doubled
its total annual oat fiber processing capacity since August, 2003. The
Company's growth in oat fiber has been driven by the significant
increase in consumer demand for healthier food offerings, resulting
from the popularity of low-carb diets such as Atkins and South Beach,
and the general trend to improve the nutritional content of foods.
The Cedar Rapids facility is expected to operate at near capacity
levels shortly following the close. The Company plans to upgrade the
facility's operating structure and further increase operating
capacity.
The purchase of this 31,000 square foot facility is also expected
to generate significant efficiencies in the Company's oat fiber
processing operations and will enable the Company to streamline oat
fiber production across the three facilities, lengthening run times
and improving operating efficiencies.
SunOpta Ingredients, Inc. will retain the fiber facility staff
previously employed by General Mills, Inc.
Jeremy N. Kendall, Chairman and CEO of SunOpta Inc., commented "We
are very pleased to have completed the purchase of this facility and
further strengthen our supply relationship with General Mills. We
continue to develop our healthy ingredients capabilities and continue
to work with food manufacturers as they bring healthier foods to the
marketplace."
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
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.
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. The
attached consolidated balance sheet and consolidated statement of
earnings has been summarized from the 2003 audited financial
statements and includes unaudited information. The information
provided here should be considered in conjunction with the other
information included within the audited financial statements.
CONTACT: SunOpta Inc.
Jeremy N. Kendall
Steve Bromley
Susan Wiekenkamp
905-455-2528, ext 103
email: swiekenkamp@sunopta.com
Website: www.sunopta.com
SOURCE: SunOpta Inc.