Toronto, Nov. 29, 2007 - SunOpta Inc. today announced that it has reached an agreement to acquire the outstanding shares of The Organic Corporation B.V., operating as Tradin Organic Agriculture B.V. The transaction is subject to completion of detailed due diligence and definitive agreements and is expected to close within 60 days.
Tradin was founded in 1985, and since that time has grown consistently into one of the world's leading providers of globally sourced organic food ingredients with annual revenues of approximately EUR 85 million (approximately USD $120 million). Positioned as a "one stop shop" for organic ingredients, the Company is a key supplier of a wide variety of organic products including frozen and fresh fruits and vegetables, dried fruits, coffee, cocoa, cereals, rice, soy, beans, pulses, seeds, nuts, oils, dairy products, seasonings, sweeteners and more. The existing management of Tradin will remain with the Company and play a key role in the continued development of the organizations' extensive capabilities.
Headquartered in Amsterdam, the Netherlands, Tradin operates a number of wholly owned and partially owned companies based in the Netherlands, China, Serbia and Ethiopia. In addition, the Company maintains sales and sourcing operations in the United States, Germany, Austria, France and Thailand which source and procure key organic ingredients from extensive relationships in key growing areas around the globe.
Tradin's organic foods sourcing and processing expertise complements SunOpta's broad natural and organic foods platform, sourcing and processing from diverse geographies and serving a global customer base. The combination of these capabilities is expected to lead to further integrated sourcing and processing opportunities around the globe.
Wim Rabbie and Gerard Versteegh, the shareholders of Tradin commented, "We are very glad to be joining the SunOpta group of companies. Tradin became a leader in the sourcing and supply of organic commodities worldwide, mainly due to our extensive investments in our quality departments and systems. By joining SunOpta we will be able to improve these systems even further and faster. In doing so, we will be able to add quality driven turnover, increasing our current programs and adding new sourcing projects worldwide. We will continue to take a leading role in stimulating the integrity of the organic business worldwide. We are very optimistic about the international growth potential of organics and our continued leadership role in this growth."
Steve Bromley, President and Chief Executive Officer of SunOpta commented, "We are most pleased to have reached an agreement to acquire the outstanding shares of The Organic Corporation (Tradin). The management of Tradin share SunOpta's strong values and commitment to the development of sustainable organic foods ingredients to meet growing demand around the world. The combination of SunOpta's global organic sourcing and processing operations with Tradin's extensive and complementary operations, positions SunOpta as a global leader in the provision of organic ingredients in the world, and is consistent with our strategy to become the leading global supplier of natural and organic food products."