Bunge North America, a subsidiary of US agribusiness Bunge, has announced that it has completed the sale of its US bakery business to Dawn Food Products.
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Cash proceeds from the transaction were approximately US$82m, including an adjustment for working capital, Bunge said. After transaction-related expenses, Bunge will recognise a gain on the sale of approximately $2m, or 2 cents a share.
The sale includes assets that produce bakery mixes, frozen dough, syrups and toppings.
When announcing the planned sale at the beginning of December, Bunge said that selling the bakery business would allow it to focus on its edible oil business.
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