Palm Beach, FL 3/8/12 (StreetBeat) -- Imperial Sugar Company (NASDAQ:IPSU) announced today that it had entered into a definitive agreement to sell its 50% interest in Wholesome Sweeteners, Inc. to an affiliate of Arlon Group, a private investment group focused on food and agriculture. Imperial’s net proceeds from the sale are estimated to be between $55 million to $60 million cash, subject to adjustment based on Wholesome’s working capital and revolving credit borrowings at the time of closing. Closing of the transaction, which is subject to consummation of the buyer’s debt financing, customary regulatory approvals and certain other closing conditions, is expected to occur in April 2012. Imperial expects to report a gain of $35 million to $40 million upon completion of the sale.Wholesome Sweeteners is the leading provider of organic and fair trade certified sweeteners in North America. The company, which was formed in 2001, is a 50/50 joint venture between Imperial and Edward Billington and Son, Limited of Liverpool, England.
About Imperial Sugar
Imperial Sugar Company is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors. With packaging and refining facilities across the U.S., the Company markets products nationally under the Imperial®, Dixie Crystals®, and Holly® brands.
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