PHOENIX—NutraCea completed the previously announced $3.9 million sale of its existing cereal ingredients business and certain related equipment to Kerry, Inc., effective March 9, 2010. NutraCea also received $272,000 for inventory related to its cereal ingredients business; a $200,000 finder’s fee was paid from the purchase price. NutraCea also agreed it will not process or sell certain cereal products for a period of five years from the date of the closing.
"We are pleased to have completed the sale of our cereal business to Kerry, Inc. It represents a first but significant step in the execution of our strategy aimed at selling non-core assets to pay down debt and refocus on our core businesses of stabilized rice bran, defatted rice bran, rice bran oil and nutraceutical and pharmaceutical derivatives of SRB,” said W. John Short, NutraCea chairman and CEO.
