Ocean Spray Sells Subsidiary

Ocean Spray Sells Subsidiary

PROSSER,Wash.--Ocean Spray Cranberries Inc. (NASDAQ:OCESN, OCESP) has finalized the sale of its wholly owned, Prosser, Wash.-based subsidiary Milne Fruit Products Inc. to Wyckoff Farms Inc., a family-owned agribusiness company. The sale completes a purchase-and-sale agreement announced by the companies in April.

Milne, a subsidiary of Ocean Spray for nearly 20 years, is a fruit processing facility with an international customer base. Its core products include 100 percent all-natural juice concentrates, puree concentrates, and customized fruit blends and premixes. In 2003, Milnes revenues totaled $30.8 million.

Wyckoff Farms indicated it intends to maintain Milne's current management, employee and grower base, while expanding Milnes fruit processing operations and product portfolio. As per a long-term supply agreement, Milne will continue to produce many of the specialty juice concentrates and blends used by Ocean Spray in its portfolio.

Ocean Spray said the sale of Milne reflects Ocean Sprays intent to focus on, and expand, its core operations, which include the receiving, processing and marketing of cranberries.