Wednesday 07. May 2008
Monterey Gourmet Foods Increases Ownership of Sonoma Foods to 100% and Implements Operational Improvements for the Sonoma Cheese Brand
Monterey Gourmet Foods (NASDAQ: PSTA) secured 100% managing control and ownership of Sonoma Foods effective March 31, 2008. As part of the transaction, in the first quarter of 2008, the company will write down intangible assets, severance, and inventory, which is expected to total approximately $2.4 million as well as implement cost savings programs which are expected to yield benefits of approximately $700,000 annually.