TORONTO, October 4 /CNW/ - SunOpta Inc. (SunOpta or the Company)
(Nasdaq:STKL)(TSX:SOY). SunOpta announced today Opta Minerals Inc. ("Opta")
(TSX:OPM)(TSX:OPM.WT), its 70.6% owned subsidiary, has acquired 100% of the
outstanding common shares of Bimac Corporation ("Bimac") of Milan, Michigan.
For fiscal 2005 Bimac recorded revenues of approximately US $7.5 million
selling its proprietary Tundish and ladle insulators, fluxes and conditioners.
These products are use to prevent heat loss, reduce oxidization, and remove
impurities in hot metal prior to casting. Each product is produced to the
specific requirements of customers that Bimac services within both the
Canadian and United States steel industries.
Bimac operates its main production facility in Milan, Michigan. This
profitable company employs approximately 30 people, and is a leader in new
product development within its industry. Bimac maintains a very high level of
customer specific technical service with a broad customer base that includes
customers with both integrated and mini mill steel operations. The addition of
Bimac further increases Opta's position in the industrial minerals business
and further expands its current position as a key service provider to the
steel industry.
David Kruse, President and CEO of Opta Minerals Inc. commented "This
transaction makes strategic sense for Opta Minerals. The products are
complimentary to those currently sold through our facilities in Walkerton
Indiana, Brantford Ontario and Lachine Quebec and Bimac enables us to further
expand our product offering to our key steel industry customers, while
continuing to provide unparalleled customer service".
The purchase price was a combination of cash and contingent payments
based on future profits. The acquisition is expected to be immediately
accretive to Opta Minerals earnings.
About SunOpta Inc.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing
on integrated business models in the natural and organic food markets. 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 SunOpta BioProcess 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.
Forward-Looking Statements
Certain statements included in this press release may constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to references to business strategies, competitive
strengths, goals, capital expenditure plans, business and operational growth
plans and references to the future growth of the business. These forward
looking statements are based on certain assumptions and analyses made by the
Company in light of its experience and its interpretation of current
conditions, historical trends and expected future developments as well as
other factors that the Company believes are appropriate in the circumstance.
However, whether actual results and developments will agree with expectations
and predications of the Company is subject to many risks and uncertainties
including, but not limited to; general economic, business or market risk
conditions; competitive actions by other companies; changes in laws or
regulations or policies of local governments, provinces and states as well as
the governments of United States and Canada, many of which are beyond the
control of the Company. Consequently all forward-looking statements made
herein are qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by the Company
will be realized.
