NutraCea Acquires Rice Bran Oil Processing Facility in Brazil
Posted on: Monday, 25 February 2008, 09:01 CST
NutraCea has completed the purchase of Irgovel, a rice bran oil processing facility in Pelotas, Brazil, for a purchase price of approximately $14 million.
According to the company, the 70,000 ton annual capacity facility provides NutraCea with the opportunity to sell rice bran oil in addition to its entire portfolio of patented and proprietary stabilized rice bran and stage two derivative products into the Brazilian and global marketplace.
The plant is operating at about one-third of its capacity. NutraCea anticipates investing approximately $4 to $6 million to refurbish, upgrade and install the company's proprietary equipment into the facility and expects to complete this project by the end of 2008.
Brad Edson, president and CEO of NutraCea, said: "We are extremely pleased to have completed this transaction, which is a significant next step in our strategic growth plan to establish facilities in leading rice bran producing regions of the world in order to further grow our market presence and increase shareholder value."
Source: Datamonitor
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