American Italian Pasta Company (AIPC), the troubled Kansas-based pasta producer, has announced plans to sell off some of its operations, following a review of its business. The company also announced that its Form 10-Q had not been filed and that its AGM had been postponed.
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“Over the past few months, we have been assessing key business and operating strategies, and we are now beginning the implementation of our initiatives,” said CEO Jim Fogarty.
The company said it had identified its Eddie’s and Mrs. Leeper’s pasta brands as non-strategic and had decided to dispose of these operations. But AIPC said it would continue to produce specialty products for its private label customers.
AIPC also announced that it had decided to close its plant at Kenosha, Wisconsin, in early-April. It will continue to operate its three other domestic manufacturing plants in Missouri, South Carolina and Arizona, as well as its facility in Italy. Production of some lines will be switched from Kenosha to its Columbia plant, the company said.
Certain other non-core assets, including a fractional aircraft interest, redundant manufacturing equipment and a parcel of undeveloped land, are also to be sold off.
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By GlobalDataIn the same announcement, AIPC detailed its current liquidity situation, announcing that as of 13 February, 2006, its total debt stood at US$280.0m, including $278.0m under its bank credit facility. Total debt, less cash, stood at $256.0m, the company said.
