SunOpta to pay in Colorado feed mill case
Jan. 9, 2012
TORONTO — SunOpta, Inc. has announced the arbitrator in the Colorado Mills L.L.C. vs. Sunrich L.L.C. matter has ruled in favor of Colorado Mills and denied claims of SunOpta Grains and Foods.
The case relates to a 2008 joint venture agreement between Colorado Mills and SunOpta Grains and Foods, Inc., formerly Sunrich L.L.C., and dealt with pricing and delivery of sunflower crude oil as it relates to the agreement.
The arbitrator has ruled Colorado Mills should recover $4,815,507 in damages, prejudgment interest of $430,742, and post-judgment interest at a rate of 8%.
SunOpta intends to appeal. The full amount of the award will be recorded in fiscal 2011 with an after-tax expense of about $3.6 million.