Sun-Rype
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| Sun-Rype Products Ltd. | |
 |
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| Type | Public (TSX: SRF) |
|---|---|
| Founded | May 13, 1946[1] |
| Headquarters | Kelowna, British Columbia, Canada |
| Key people | Eric Sorensen, CEO & President |
| Industry | Food and beverage |
| Products | Juice |
| Revenue |  $130.6 million CAD (2006)[2] |
| Net income | $7.3 million CAD (2006)[2] |
| Employees | 395 (2006)[3] |
| Website | www.sunrype.com |
Sun-Rype Products Ltd. (TSX: SRF) is a Canadian juice and fruit snack company based in Kelowna, British Columbia, in the heart of the Okanagan Valley. Since 1946, Sun-Rype has been providing consumers, primarily in Western Canada, with juices and fruit snacks. Sun-Rype is western Canada’s largest fruit-based food and beverage manufacturer.[3]
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[edit] History
Incorporated on May 13th, 1946, Sun-Rype was founded as BC Fruit Processing Ltd.[4] This organization was founded as a profitable alternative for the BC Fruit Growers Association to use process-grade apples in production rather than throwing them out.[5] In 1959, after 13 years, BC Fruit Processing Ltd. changed their name to Sun-Rype Products Ltd.[5]
In 1996, Sun-Rype celebrated their 50th year in business. In recognition of this milestone, mayor Jim Stuart of the City of Kelowna honored Sun-Rype by declaring May 13th, 1996 "Sun-Rype Day".[5]
[edit] Hostile takeover attempt
In 1996, Clearly Canadian Beverage Corporation initiated a hostile takeover bid towards Sun-Rype. The reasons behind this attempt were to not only immediately double Clearly Canadian's revenues, but also give them use of Sun-Rype's bottling plant, thus centralizing their production.[6] In order to initiate the takeover, Clearly Canadian began buying as many shares as possible from local apple growers who had been issued the shares over the last five decades in return for the process-grade apples used in production by Sun-Rype. At the time of the takeover attempt, Sun-Rype was still a co-operative organization, not a public company, so there were little ways in which to sell the shares.[7]
Shareholders were given the option of either one Clearly Canadian share per Sun-Rype share, or $1.61 and a half of a Clearly Canadian share per Sun-Rype share. This offer finally gave true financial value to the shares, inclining many shareholders to sell them. Both Sun-Rype's board of directors and the BC Fruit Growers Association argued against the takeover attempt to sharholders, and on July 18, 1996, the board of directors offered an 18-page document detailing why sharholders should refrain from selling.[8]
With the bid deadline fast approaching, Clearly Canadian used many tactics in an attempt to gain more shares, including sending out circulars, hosting public receptions, and getting cozy with community press. In the end however, Sun-Rype was able to prevail over Clearly Canadian, losing only 14.4% of shares to the beverage corporation.[6]
[edit] Initial public offering
The hostile takeover attempt by Clearly Canadian proved how unsatisfied shareholders were with Sun-Rype management styles and caused differences within the company, apple growing community, and investors.[7] As a result, Sun-Rype finally went public on the Toronto Stock Exchange on November 11th, 1996,[9] with shares opening at $2.75.[7]
[edit] Corporate governance
[edit] Exectutive officers
The following executive officers are the most prominent employees of Sun-Rype:[10]
- Eric Sorensen - President and Chief Executive Officer
- Gary Pearson - Vice-President of Finance and Chief Financial Officer
- Andrea Krause - Vice President of Human Resources
- Dave McAnerney - Vice President of Manufacturing
- Cameron Johnston - Vice-President of Marketing
- Cindy Wilker - Vice President of Supply Chain
- Gail Prichard - Corporate Secretary
[edit] Board of directors
The Sun-Rype board of directors currently consists of the following individuals:[10]
- Merv Geen - Chairman of the Board
- Jess Alfonso - President, Seamark Development Corp.
- Robert Dawson - Owner and President, Dawson Orchards Ltd.
- James Eccott - Corporate Director
- Thomas Knowlton - Corporate Director
- Donald Selman - Consultant, Wolrige Mahon
- Eric Sorensen - President and Chief Executive Officer
- Douglas Souter - Corporate Director
[edit] References
- ^ Corporate Profile. Sun-Rype Products Ltd.. Retrieved on 2007-03-30.
- ^ a b Sun-Rype Products Ltd. (28 February 2007). Management’s Discussion and Analysis for the Year Ended December 31, 2006. Retrieved on 2007-03-30
- ^ a b Sun-Rype Products Ltd. (28 February 2007). Annual Information Form for the Year Ended December 31, 2006. Retrieved on 2007-03-30
- ^ Our History. Sun-Rype Products Ltd.. Retrieved on 2007-03-30.
- ^ a b c Attard, Yvonne (September 1996). "Fifty golden years: Sun-Rype continues to bear fruit". Food in Canada 56 (7): 50.
- ^ a b McCullough, Michael (December 1996). "Just add hype". Canadian Business 69 (15): 130-135.
- ^ a b c MacNaull, Steve. "When life hands you apples, make juice", The Globe and Mail, 26 October 2005. Retrieved on 2007-03-30.
- ^ Damsell, Keith (July 27/29, 1996). "Doug Mason can see clearly now: the head of Clearly Canadian wants control of juice giant Sun-Rype Products, but first he has a turnaround to complete". Financial Post 90 (30): 12.
- ^ Company Information. Toronto Stock Exchange. Retrieved on 2007-03-30.
- ^ a b Directors and Officers. Sun-Rype Products Ltd.. Retrieved on 2007-03-30.
[edit] External links
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