Imperial Sugar "New" (IPSU)

[RonnieD]

December 16, 2011 05:52 PM Eastern Time 
Imperial Sells Louisiana Sugar Refining JV Interest

SUGAR LAND, Texas--(BUSINESS WIRE)--Imperial Sugar Company (NASDAQ:IPSU) announced that it sold its one-third joint venture interest in Louisiana Sugar Refining LLC (“LSR”) to its partners in the joint venture. The Company chose to sell its LSR interest and certain idle Louisiana real estate parcels, rather than make additional capital contributions needed by the venture. The purchase price of $18 million includes $14.2 million of cash at closing, with the remaining $3.8 million payable over a 21-month period. The Company will continue to operate its small bag packaging facility in Gramercy with refined sugar purchased from LSR under an amended supply agreement with a minimum five-year term.

http://www.businesswire.com/news/home/20111216006172/en/Imperial-Sells-Louisiana-Sugar-Refining-JV-Interest