SunOpta Inc's Fruit Group has expanded strategic relationships in Argentina and Chile and has entered into agreements to increase supply of fruit products
April 1, 2007
SunOpta Inc's Fruit Group has expanded strategic relationships in Argentina and Chile and has entered into agreements to increase supply of fruit products from these regions.
The company entered into a five-year supply agreement with Baby's Best Infant Food Ingredients SA, a producer of organic and natural purees and concentrates in Mendoza, Argentina. Under terms of the agreement, SunOpta will provide a line of credit to enable Baby's Best to acquire a 45,000-square-foot production facility in Mendoza to ensure SunOpta's supply chain. SunOpta also received a first right of refusal and an option to acquire all the outstanding shares of Baby's Best and related companies based on a predetermined formula, exercisable in March 2009.
SunOpta has also entered into a three-year organic supply agreement with a processor of organic and natural frozen fruits in Chile. Under terms of the agreement, SunOpta will finance a capital expansion to further develop growth in organic supply over the next three years.
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