SUGAR LAND, Texas--(BUSINESS WIRE)--Imperial Sugar Company (OTC:IPSU - news; ``Imperial'') today announced that it has reached a definitive stock purchase agreement to sell its King Packaging Company, Inc. (``King'') subsidiary to a subsidiary of Tyco International (US) Inc. (NYSE: TYC - news; ``Tyco'') for $28 million in cash, subject to certain post-closing adjustments.