NutraCea, Inc. (NTRZ.OB) Completes Purchase of Irgovel
Earlier this month NutraCea, a leader in the stabilized rice industry, announced its intent to purchase the Irgovel faculty in Pelotas, Brazil. As of today, NutraCea has completed the purchase for approximately $14 million. The Irgovel facility has been around for 40 years and is the largest rice bran oil processing facility in South America. Irgovel is operating at about one-third of its capacity and produces approximately 70,000 ton of rice bran oil annually. NutraCea anticipates investing approximately $4 to $6 million to refurbish, upgrade and install their proprietary equipment into the facility. Once the renovation project is completed, NutraCea…