Business
SunOpta Announces that Opta Minerals Inc. Acquires Shares of Bimac Corporation
SunOpta Announces that Opta Minerals Inc. Acquires Shares of Bimac Corporation.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, October 4 /CNW/ - SunOpta Inc. (SunOpta or the Company)\n(Nasdaq:STKL)(TSX:SOY). SunOpta announced today Opta Minerals Inc. (\"Opta\")\n(TSX:OPM)(TSX:OPM.WT), its 70.6% owned subsidiary, has acquired 100% of the\noutstanding common shares of Bimac Corporation (\"Bimac\") of Milan, Michigan.\nFor fiscal 2005 Bimac recorded revenues of approximately US $7.5 million\nselling its proprietary Tundish and ladle insulators, fluxes and conditioners.\nThese products are use to prevent heat loss, reduce oxidization, and remove\nimpurities in hot metal prior to casting. Each product is produced to the\nspecific requirements of customers that Bimac services within both the\nCanadian and United States steel industries.\n\nBimac operates its main production facility in Milan, Michigan. This\nprofitable company employs approximately 30 people, and is a leader in new\nproduct development within its industry. Bimac maintains a very high level of\ncustomer specific technical service with a broad customer base that includes\ncustomers with both integrated and mini mill steel operations. The addition of\nBimac further increases Opta's position in the industrial minerals business\nand further expands its current position as a key service provider to the\nsteel industry.\n\nDavid Kruse, President and CEO of Opta Minerals Inc. commented \"This\ntransaction makes strategic sense for Opta Minerals. The products are\ncomplimentary to those currently sold through our facilities in Walkerton\nIndiana, Brantford Ontario and Lachine Quebec and Bimac enables us to further\nexpand our product offering to our key steel industry customers, while\ncontinuing to provide unparalleled customer service\".\n\nThe purchase price was a combination of cash and contingent payments\nbased on future profits. The acquisition is expected to be immediately\naccretive to Opta Minerals earnings.\n\nAbout SunOpta Inc.\n\nSunOpta Inc. is an operator of high-growth ethical businesses, focusing\non integrated business models in the natural and organic food markets. The\nCompany has three business units: the SunOpta Food Group, which specializes in\nsourcing, processing and distribution of natural and organic food products\nintegrated from seed through packaged products; the Opta Minerals Group, a\nproducer, distributor, and recycler of environmentally friendly ind...