US cranberry producer and processor Northland Cranberries has said that it has sold its receiving, freezing and concentrate-processing plant in Wisconsin Rapids to Ocean Spray Cranberries.
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The agreement also includes the sale of Northland’s raw cranberry inventory to Ocean Spray.
As part of the transaction, Northland and Clermont, Inc. also agreed to dismiss their antitrust lawsuit against Ocean Spray. In exchange for the assets purchased and settlement of the lawsuit, Ocean Spray paid Northland approximately US$28.0m in cash, subject to certain adjustments. Northland and Ocean Spray also entered into a ten-year agreement under which Ocean Spray will receive, clean, store and process into concentrate all cranberries harvested from Northland and its contract growers’ cranberry properties for a fixed fee.
Northland processes and sells Northland brand 100% juice cranberry blends, Seneca brand juice products, Northland brand fresh cranberries and other cranberry products through retail supermarkets and other distribution channels.
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By GlobalData
