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AUSTIN, Minn. - Hormel Foods Corp. closed Monday on its purchase of Diamond Crystal Brands special food products from Imperial Sugar Co. for $115 million.
"Diamond Crystal Brands had revenues of $160 million in the last fiscal year, and we expect it to be immediately accretive for Hormel Foods," said Hormel Chairman and CEO Joel W. Johnson.
Diamond Crystal, based in Savannah, Ga., employs about 600 people and operates four packaging facilities. Diamond Crystal makes salt and pepper packets, drink mixes, soups, sauces and gravies, and other products for the food service industry.
Sugar Land, Texas-based Imperial, which markets about a quarter of the nation's sugar, emerged from bankruptcy in August 2001.