Imperial sells Michigan business - Imperial Sugar sells Michigan Sugar - Brief Article

Eurofood, August 30, 2001

US sugar firm Imperial Sugar Company has agreed to sell its Michigan Sugar operations to Michigan Sugar Beet Growers. Under the terms of the agreement, Imperial Sugar will sell all capital stock.

Imperial will continue to market the refined products for a minimum period of ten years.

Financial terms include an initial cash payment of US$55m (60m [European Dollar]), the assumption of US$ 18.5m in development bonds, and a deferred payment of US$10m.

Michigan Sugar operations last year reached a total of US$ 18.9m.

James C. Kempner, president and chief executive officer of the Imperial Sugar Company said, "This is a win-win transaction for both Imperial and the sugarbeet growers who supply who supply the Michigan factories."

Imperial Sugar is the largest processor and marketer of refined sugar in the US, and a major distributor to the foodservice market.