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Article: Synutra International Announces Sale of Dairy Assets for Nearly $29 Million.
- Article from:
- Business Wire
- Article date:
- September 9, 2009
CopyrightCOPYRIGHT 2009 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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Infant Formula Producer Trims Holdings of Farms and Factories in China After Shift to Imported Milk Powder; Write-Off Estimated at $5 Million
QINGDAO, China & ROCKVILLE, Md. -- Synutra International, Inc. (NASDAQ: SYUT), a leading producer of nutritional products for infants, children and adults, today announced that it has signed an agreement to sell three dairy farms and two milk processing factories in China. The buyer is Heilongjiang Wondersun Dairy Co., Ltd., which is paying an estimated $28.9 million for the assets.
The sale reflects Synutra's shift to imported sources of raw milk powder following the September 2008 discovery of melamine in ...
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