Alliance One International, Inc. News
Alliance One Announces the Sale of Greek and Wool Assets
MORRISVILLE, N.C., April 2, 2008 PRNewswire-FirstCall — Alliance One International, Inc. (NYSE: AOI) today announced that on March 28, 2008, it completed the sale of certain real property owned by its wholly owned subsidiary Alliance One ESS ("AOI Greece") to Pasal Development SA, an unaffiliated third party. The cash proceeds from the transaction are approximately $7.6 million, of which $4.5 million will be recorded as a net gain on sale of assets.
Additionally, the Company announced that in March 2008, the Company completed the sale of the two remaining real properties owned by its discontinued wool operations. These French properties were the subjects of separate sales agreements that had been pending governmental approval. The net cash proceeds from these sales are approximately $11.6 million.
In making the announcement, Pete Harrison, the Company's Chief Executive Officer, stated, "The sale of the Greek and wool assets are consistent with the Company's committed focus on strategically identifying and pursuing cost savings while right-sizing our global footprint."
Alliance One International is a leading independent leaf tobacco merchant serving the world's large multinational cigarette manufacturers. For more information on Alliance One, visit the Company's website at www.aointl.com.
SOURCE Alliance One International, Inc.
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