SunOpta Inc. (SunOpta or the Company) (STKL) (CA:SOY) today announced that it has reached an agreement to acquire the assets and business of Earthwise Processors LLC (Earthwise), of Moorhead, Minnesota.
Earthwise has annual revenues in excess of $10.0 million dollars and is a vertically integrated producer of organic and identity preserved non-genetically modified grains, primarily focused on soy. Strategically this acquisition provides SunOpta with an expanded and diversified grower base, expansion of soy product offerings, and others such as, organic flax and organic wheat, plus operating synergies. SunOpta is targeting to close this transaction at the end of May.
Steve Bromley, President and COO of SunOpta Inc., commented that "We know this business model well, have many of the same customers and operations will be easily consolidated within our existing grain operations." We want to take this opportunity to welcome the management and employees, growers and customers of Earthwise to the SunOpta family.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last seven 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 which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. 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 are unaudited. The information provided here should be considered in conjunction with the other information included within various SEC documents including Form 10Q reports filed during 2005 and Form 10K report filed March 16, 2005.