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Article: ML Macadamia Orchards, L.P. Renegotiates Nut Purchase Contracts with Mauna Loa.
- Article from:
- Business Wire
- Article date:
- June 5, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HILO, Hawaii -- ML Macadamia Orchards, L.P. (NYSE:NUT) announced today that the company has renegotiated several of its nut purchase contracts with Mauna Loa Macadamia Nut Corporation ("Mauna Loa"), its exclusive customer, retroactive to January 1, 2006.
The MLP I contracts, signed in 1986 and due to expire December 31, 2006, were renegotiated at a fixed price of seventy-five cents ($0.75) per pound (adjusted to 20% moisture and 30% kernel recovery) for the final year of the contract.
The MLP II nut purchase contract, signed in 1989 and due to expire on June 30, 2019, was cancelled and a new agreement was executed. The new contract is for a six-year ...