Ault Foods Limited Sells Canlac Corporation Interest.ETOBICOKE, Ontario--(BUSINESS WIRE)--May 23, 1996--AULT FOODS LIMITED(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: AUL) Ault Foods Ault Foods Limited was a Toronto-based dairy processor and Canada's largest dairy company acquiring other dairy companies across Canada. Ault sold off parts of their business in the mid-1990s; milk division (Sealtest Dairy and Silverwood Dairy) was sold to Agropur. Limited announced today that it has sold its interest in Canlac Corporation to Solvay Kingswood Inc., a Canadian subsidiary of the Solvay group. Canlac operates a liquid lactulose lactulose /lac·tu·lose/ (lak´tu-los) a synthetic disaccharide used as a laxative and to enhance excretion or formation of ammonia in the treatment of hepatic encephalopathy. manufacturing facility located at Victoriaville, Quebec Victoriaville (nicknamed "Victo") is a city in central Quebec, Canada, on the Nicolet River. Victoriaville is the seat of Arthabaska Regional County Municipality and a part of the Centre-du-Québec (Bois-Francs) region. . The transaction involves the acquisition by Ault of a remaining 50 percent interest from a group of Canadian shareholders, followed by the sale of 100 percent of Canlac to Solvay. Sale consideration is an undisclosed amount of cash and does not result in any impact on Ault's reported net earnings. The Canlac facility is located adjacent to an Ault dairy operation which is operated by its wholly-owned subsidiary, Lactantia Ltee. Lactantia will continue to supply whey whey liquid residue from milk after the removal of cheese curds in the manufacture of cheese. An excellent protein supplement but difficult to handle in the liquid form, except to pigs maintained close to the cheese factory. Dried whey is easy to handle but processing costs are high. permeate, a byproduct by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. Noun 1. of cheese manufacturing which is a starting material for lactulose, to Canlac under a long term agreement. Solvay S. A., based in Brussels, Belgium, is an international group of chemical and pharmaceutical companies operating in 44 countries, employing over 38,000 people and with 1995 sales of US $9.3 billion. Solvay Kingswood Inc., is the Canadian pharmaceutical operation of the Solvay group and is located in Toronto, Ontario. Solvay Kingswood, part of the research-based industry in Canada, markets Solvay pharmaceuticals in the Canadian marketplace and undertakes clinical research on behalf of the Solvay group. Ault is a leading Canadian food processing company with 14 plants in Ontario and Quebec and sales exceeding Cdn $1.3 billion. The company markets a full line of dairy products, which includes major brand names such as Black Diamond, Lactantia, Parlour, Sealtest, Haagen-Dazs and Schneiders (cheese). Ault is publicly traded on the Toronto and Montreal Stock Exchanges Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) . CONTACT: Ault Foods Limited Douglas G. Shields, 416/620-3016 or Ault Foods Limited John J. Hamilton, 416/620-3514 |
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