June
20, 2011, Rougemont, Que – Beverage and specialty food maker Lassonde
Industries Inc. recently announced that it is acquiring privately-owned Clement
Pappas and Co. Inc. of New Jersey for US$390 million cash.
June
20, 2011, Rougemont, Que – Beverage and specialty food maker Lassonde
Industries Inc. recently announced that it is acquiring privately-owned Clement
Pappas and Co. Inc. of New Jersey for US$390 million cash.
The
transaction is expected to close in August, the company said.
Under
the deal, Lassonde will have a beneficial ownership of 71 per cent of Clement
Pappas. Of the remaining 29 per cent, 19 per cent will be held by the Pappas
family and 10 per cent by the Lassonde family.
Clement
Pappas, based in Carneys Point, N.J., is the second largest producer of store
brand ready-to-drink fruit juices and drinks in the United States. It employs
more than 600 people.
Lassonde,
based in Rougemont, Que., employs some 1,300 people.
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