Imperial Sugar Company yesterday announced that it has reached a definitive agreement to sell its Diamond Crystal Brands nutritional products business to Hormel Foods Corporation (NYSE: HRL; "Hormel") for $65 million in cash, subject to certain post-closing adjustments. The transaction is subject to approval by the U.S. Bankruptcy Court for the District of Delaware as Imperial Sugar Company filed a petition for relief under chapter 11 of the U.S. Bankruptcy Code on January 16, 2001. Certain regulatory approvals have already been received, including necessary clearances under the Hart-Scott-Rodino Act. The transaction is expected to close during the second calendar quarter of 2001.