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WHITE PLAINS, N.Y. - Bunge North America's Bunge Foods subsidiary has executed a definitive agreement to sell its bakery business to Jackson, Mich.-based Dawn Food Products Inc., for $76 million.
The sale, which includes the facilities that manufacture, market and sell mixes, frozen dough, syrups and toppings, is expected to close by year-end, pending regulatory approval and customary closing conditions, according to Bunge Foods.
After transaction-related expenses of approximately $2 million, Bunge says it expects to recognize a gain on the sale of approximately $4 million, or approximately $0.04 per fully diluted share.
Dawn Food Products, one of the world's largest bakery manufacturers and distributors of bakery mixes and bases, supplies a complete line of quality mixes, bases, icings, glazes, fillings, frozen dough, par-baked and fully baked products and equipment to the food industry worldwide.
Bunge Foods will continue operations in edible oil processing and packaging.