SunOpta (STKL) Reports Opta Minerals Drops Strategic Review
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SunOpta Inc. (Nasdaq: STKL) reports the Board of Directors of Opta Minerals Inc., has decided to suspend the strategic review process for Opta Minerals that was previously announced on September 7, 2011. SunOpta currently owns approximately 66.4% of Opta Minerals and approximately 64% on a fully-diluted basis.
The decision to suspend the strategic review process was based, in part, on an assessment of current global market conditions which are currently challenging, combined with a number of actionable near-term growth opportunities within the Company. As a result, the Board of Opta Minerals has concluded that the interests of the shareholders of Opta Minerals are best served by completing and integrating these expansion activities and suspending the strategic review process until further notice.
As part of these growth opportunities, on November 10th, 2011 Opta Minerals announced the acquisition of Inland RC, LLC, a manufacturer of pre-cast refractory shapes, injection lances and electric furnace deltas with annual revenues of approximately $3 million. The business is complementary with current Opta Minerals product offerings and has capacity for growth and significant synergy opportunities. For further information, see the full press release that was issued by Opta Minerals at www.OptaMinerals.com. In addition to the acquisition of Inland RC, LLC, the Company is currently considering additional acquisition opportunities and has identified a number of internal growth opportunities which are currently in development.
The decision to suspend the strategic review process was based, in part, on an assessment of current global market conditions which are currently challenging, combined with a number of actionable near-term growth opportunities within the Company. As a result, the Board of Opta Minerals has concluded that the interests of the shareholders of Opta Minerals are best served by completing and integrating these expansion activities and suspending the strategic review process until further notice.
As part of these growth opportunities, on November 10th, 2011 Opta Minerals announced the acquisition of Inland RC, LLC, a manufacturer of pre-cast refractory shapes, injection lances and electric furnace deltas with annual revenues of approximately $3 million. The business is complementary with current Opta Minerals product offerings and has capacity for growth and significant synergy opportunities. For further information, see the full press release that was issued by Opta Minerals at www.OptaMinerals.com. In addition to the acquisition of Inland RC, LLC, the Company is currently considering additional acquisition opportunities and has identified a number of internal growth opportunities which are currently in development.
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