Montreal - Imasco Limited announced that it has reached definitive agreements with buyers for two businesses that were previously part of Fast Food Merchandisers, Inc. Gol-Pak Corporation, a poultry processing operation based in Monterey, Tennessee, is to be sold to Purdue Farms, Incorporated of Salisbury, Maryland. In a separate transaction, FFM's pork processing assets, located in Forest City, North Carolina, are to be sold to Simeus Foods International. Both sales are subject to regulatory approval and are expected to close in approximately 30 days. No financial terms were disclosed.
On April 17, 1998 Imasco announced its intention to sell FFM's four business units (distribution services, poultry processing, pork processing, and cleaning supplies). In addition to the agreements announced , Imasco previously agreed to sell FFM's distribution services to MBM Corporation of Rocky Mount, North Carolina, and it expects to sell the cleaning supplies business before the end of 1998. Net cash proceeds from all four transactions are estimated at approximately US $115 million ($175 million in Canadian funds) and a modest gain on the sales is now anticipated.
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