SunOpta sees plants shut by floods up by mid-July

By Associated Press
June 27, 2008 | Comments (0)

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SunOpta Inc., which sells personal care products and natural and organic foods, said it expects two oat fiber facilities shut down by flooding in the Midwest to restart production by mid-July.

The company's facility in Cedar Rapids, Iowa was not damaged by the flooding, but remains shut down until utility service is restored.

SunOpta's plant in Louisville, Kentucky was shut down on June 23 when flooding in Cedar Rapids prevented raw material deliveries from suppliers there.

The company said it is working with its insurance company to determine the cost of the interruption.

SunOpta also said Thursday it is replacing Chief Executive Steve Bromley and Chief Financial Officer John Dietrich in response to an ongoing investigation of a large write-down in its berry business.

Shares plunged $1.53, or 23.6 percent, to $4.95 in morning trading.

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