Alto Ingredients (ALTO) said Monday its Alto Carbonic unit purchased Kodiak Carbonic, a beverage-grade liquid carbon dioxide processor, for $7.25 million in cash plus working capital.
The transaction includes a long-term contract for beverage-grade CO2 sales, expected to boost profits immediately, Alto said, adding the deal also offers a strong payback timeline and provides expansion opportunities.
Shares of Alto Ingredients were up 7.7% in recent Monday trading.
Price: 1.89, Change: +0.14, Percent Change: +7.71
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