Lassonde to purchase the assets of Mondiv Food Products Inc.

About this update from Lassonde Industries, Inc. Class A

[{"type":"text","content":"\n\n\n\nROUGEMONT, QC, Nov. 14 /CNW Telbec/ - Lassonde Industries Inc.\n(LAS.A-TSX) today announced that its subsidiary Lassonde Specialties Inc., a\nmanufacturer of specialty food products best known under the CANTON trademark,\nhas entered into an asset purchase agreement to purchase substantially all of\nthe assets of Mondiv Food Products Inc. The assets to be purchased include a\nproduction plant in Boisbriand, Quebec, the ANTICO trademark, and Mondiv's\naccounts receivable and inventories.\n\n\nThe purchase price of approximately $18.9 million will be financed in\npart with cash on hand and in part by drawing under Lassonde's committed\ncredit facilities with lenders. Closing is to be completed by November 30,\n2007, and is subject to conditions usual and customary for transactions of\nthis type.\n\n\nMondiv Food Products Inc. is a leading private label manufacturer of\nlong-shelf-life specialty food products sold primarily to U.S. and Canadian\nfood chains and distributors. The primarily glass-jar products are processed\nat the Boisbriand plant and include mainly pasta and other specialty sauces,\nbruschetta, tapenades, and artichoke antipastos. The state-of-the-art plant is\nUSDA compliant, HACCP approved, and certified organic by the Quality Assurance\nInstitute (QAI). Mondiv has net sales of $25 million, to U.S. and Canadian\ncustomers, and employs approximately 60 people.\n\n\n"This acquisition should enable Lassonde Specialties Inc. to diversify\nits current product line and packaging offering, add to its production\ncapacity, develop new products, and extend its market to North America as a\nwhole," stated Jean Messier, President and Chief Executive Officer of Lassonde\nSpecialties Inc. The purchased business will maintain its mission as a\nprivate-label manufacturer, and continue to operate under the Mondiv Food\nProducts name as a division of Lassonde Specialties Inc.\n\n\n%SEDAR: 00002099EF\n\n\n","length":1990,"tagName":"div"}]

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