SunOpta said it has received an initial payment of C$750,000 on closing the transaction, with the remainder to be paid over the coming year. The company also entered a strategic raw material supply agreement with Fruvemex, and a market value lease for Fruvemex's use of the land and buildings in Irapuato which remain the property of SunOpta.
President and CEO of SunOpta Steve Bromley said: “This divestiture is the latest step in our strategy to improve the profitability of our frozen fruit operations and continue to simplify our business model with a focus on our core areas of expertise, plus expand strategic relationships to secure long-term supply. We believe that Fruvemex will be an excellent long term partner and provide SunOpta with cost competitive fruit products.”