Lassonde Industries Inc. increases stake in Clement Pappas and Company, Inc.
ROUGEMONT, QC, June 27, 2014 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) ("Lassonde") has acquired the shares of Clement Pappas and Company, Inc. ("CPC") held by Clement David Pappas. The purchase price of US$ 11.1 million was paid cash and funded out of Lassonde's working capital.
"This additional investment in CPC reinforces our US presence and represents another building block from which to grow our business," said Pierre-Paul Lassonde, Chairman of the Board and Chief Executive Officer of Lassonde Industries Inc.
Lassonde's equity interest in CPC is thereby increased from 84.0% to 90.0%. The remaining 10.0% is held by members of the Lassonde family.
Clement David Pappas has stepped down from his position on the Board of Directors of CPC and his role as Special Advisor. "We would like to thank Clement for his work on the Board and wish him great success in his future endeavours," said Jean Gattuso, Chairman of Clement Pappas and Company, Inc.
About Lassonde Industries Inc.
Lassonde Industries Inc. is a North American leader in the development, manufacture and sale of a wide range of fruit and vegetable juices and drinks marketed under brands such as Everfresh, Fairlee, Flavür, Fruité, Graves, Oasis and Rougemont.
Lassonde is also the second largest producer of store brand ready-to-drink fruit juices and drinks in the United States and a major producer of cranberry sauces.
Lassonde also develops, manufactures and markets specialty food products under brands such as Antico and Canton. The Company imports and markets selected wines from various countries and manufactures apple ciders and wine-based beverages.
The Company produces superior quality products through the efforts of some 2,000 people working in 14 plants across Canada and the United States. To learn more, visit www.lassonde.com.
SEDAR registration number: 00002099
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements that are based on certain assumptions. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Additional factors are discussed in materials filed from time to time with the securities regulatory authorities in Canada. Lassonde Industries Inc. disclaims any intention or obligation to update or revise any forward-looking statements except as required by law.
SOURCE Lassonde Industries Inc.