USA: Reunion Industries Announces Completion of Sale of California Wine Grape Agricultural Operations
Reunion Industries, Inc. (Amex-RUN) announced today that, on October 27, it completed the previously announced sale of substantially all of its wine grape agricultural operations and real estate in Napa County, California to The Vinyard at Juliana LLC, a Seattle, Washington based company. Reunion used the net proceeds for general corporate purposes, including repayment of approximately $16 million of debt."The completion of this sale is another step in the Company's continuing commitment to debt reduction. As a result of this sale, the previous sale of Data Packaging Limited in August and scheduled monthly repayments from operating cash flows, Reunion has reduced its debt by approximately $30 million since the merger in March. We are dedicated to strengthening our balance sheet and creating shareholder value" said Kimball Bradley, Reunion's President and Chief Operating Officer.
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