- Plant-based and fruit-based foods and beverages firm SunOpta ( NASDAQ: STKL ) said on Thursday it will sell its sunflower business to Pacific Avenue Capital Partners for $16M.
- Under Pacific Avenue’s, the sunflower business will become Sunrich Products. Sunrich will continue to be led by the same general manager and employee team.
- SunOpta's sunflower and roasted snacks business has three facilities.
- Following the divestiture, the Plant-Based Foods and Beverages segment will be fully focused on offering a broad line of plant-based beverages utilizing oat, almond, rice, soy, coconut, hemp and other bases, as well as broths, teas, nutritional beverages and liquid and powder ingredients.
- The Company expects to record an estimated after tax loss on sale of the sunflower business of about $16M, which will be included in its results of operations for the third quarter of 2022.
- "This divestiture of a non-core business represents further progress against our strategic imperative of portfolio transformation, focusing on high-growth, high-return opportunities that are differentiated and leverage the competitive strengths of our unique model," said Joe Ennen, Chief Executive Officer of SunOpta.
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SunOpta to sell sunflower & roasted snacks business to Pacific Avenue