One of the oldest companies in Richmond has shed some weight.
The C.F. Sauer Company sold its margarine business to St. Louis-based Bunge North America for an undisclosed sum, according to an announcement Friday.
Sauer’s margarine assets consist of a plant in Sandston that runs under the name of its Dean Foods subsidiary and production and packaging operations at a facility in New Century, Kan.
The Sandston plant will remain open, and Bunge North America, the operating arm of publicly traded food and feed conglomerate Bunge Limited, said it will take over its operations immediately. The company said it intends to hire most of 160 employees at the plant.
After taking over Sauer’s Kansas margarine business, Bunge will relocate the operations to its other plants. In the meantime, Sauer’s will continue those operations for Bunge under a co-packing arrangement order.
The two facilities can produce almost 400 million pounds of margarine a year.
Local investment banking firm Dominion Partners represented Sauer’s in the deal, according to Rick Naschold, a principal at the firm.
“We were engaged because Sauer’s has a full compliment of businesses, and they felt that their financial resources were better focused on some other businesses they had,” Naschold said.
One of the oldest companies in Richmond has shed some weight.
The C.F. Sauer Company sold its margarine business to St. Louis-based Bunge North America for an undisclosed sum, according to an announcement Friday.
Sauer’s margarine assets consist of a plant in Sandston that runs under the name of its Dean Foods subsidiary and production and packaging operations at a facility in New Century, Kan.
The Sandston plant will remain open, and Bunge North America, the operating arm of publicly traded food and feed conglomerate Bunge Limited, said it will take over its operations immediately. The company said it intends to hire most of 160 employees at the plant.
After taking over Sauer’s Kansas margarine business, Bunge will relocate the operations to its other plants. In the meantime, Sauer’s will continue those operations for Bunge under a co-packing arrangement order.
The two facilities can produce almost 400 million pounds of margarine a year.
Local investment banking firm Dominion Partners represented Sauer’s in the deal, according to Rick Naschold, a principal at the firm.
“We were engaged because Sauer’s has a full compliment of businesses, and they felt that their financial resources were better focused on some other businesses they had,” Naschold said.