Synutra International (SYUT) Announces Sale of Dairy Assets for Nearly $29 Million
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Synutra International, Inc. (NASDAQ: SYUT) announced that it has signed an agreement to sell three dairy farms and two milk processing factories in China. The buyer is Heilongjiang Wondersun Dairy Co., Ltd., which is paying an estimated $28.9 million for the assets.
The sale reflects Synutra's shift to imported sources of raw milk powder following the September 2008 discovery of melamine in products of 22 Chinese formula producers, including some lots of Synutra's U-Smart products.
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