ROUGEMONT, QC, Nov. 14 /CNW Telbec/ - Lassonde Industries Inc.
(LAS.A-TSX) today announced that its subsidiary Lassonde Specialties Inc., a
manufacturer of specialty food products best known under the CANTON trademark,
has entered into an asset purchase agreement to purchase substantially all of
the assets of Mondiv Food Products Inc. The assets to be purchased include a
production plant in Boisbriand, Quebec, the ANTICO trademark, and Mondiv's
accounts receivable and inventories.
The purchase price of approximately $18.9 million will be financed in
part with cash on hand and in part by drawing under Lassonde's committed
credit facilities with lenders. Closing is to be completed by November 30,
2007, and is subject to conditions usual and customary for transactions of
Mondiv Food Products Inc. is a leading private label manufacturer of
long-shelf-life specialty food products sold primarily to U.S. and Canadian
food chains and distributors. The primarily glass-jar products are processed
at the Boisbriand plant and include mainly pasta and other specialty sauces,
bruschetta, tapenades, and artichoke antipastos. The state-of-the-art plant is
USDA compliant, HACCP approved, and certified organic by the Quality Assurance
Institute (QAI). Mondiv has net sales of $25 million, to U.S. and Canadian
customers, and employs approximately 60 people.
"This acquisition should enable Lassonde Specialties Inc. to diversify
its current product line and packaging offering, add to its production
capacity, develop new products, and extend its market to North America as a
whole," stated Jean Messier, President and Chief Executive Officer of Lassonde
Specialties Inc. The purchased business will maintain its mission as a
private-label manufacturer, and continue to operate under the Mondiv Food
Products name as a division of Lassonde Specialties Inc.
For further information:
For further information: Jean Messier, President and Chief Executive
Officer, Lassonde Specialties Inc., (450) 797-3303, extension 222; Guy
Blanchette, Vice-President, Finance, Lassonde Industries Inc., (450) 469-4926,