industry food and beverage founded may 13 1946 founder bc fruit growers association headquarters 1165 ethel street kelowna british columbia v1y 2w4 area served canada and united states products juice fruit snacks snacks revenue 135.1 million cad 2007 1 net income 4.6 million cad 2007 1 number of employees 395 2006 2 parent the jim pattison group website www.sunrype.com sun rype products ltd. is a western canadian fruit based food and beverage manufacturer . 2 since its foundation in 1946 sun rype has been producing juices and fruit snacks based in kelowna british columbia in the heart of the okanagan . in 2003 sun rype was named as the 9th fastest growing company in british columbia by the vancouver sun . 4 contents 1 history 1.1 failed expansion to china 1.2 hostile takeover attempt 1.3 initial public offering 1.4 from public corporation to private 2 references 3 external links history edit incorporated on may 13 1946 sun rype was founded as bc fruit processing ltd. 5 6 this organization was founded by the bc fruit growers association as a profitable alternative to use their process grade apples in production rather than throwing them out . 7 on april 2 1959 after 13 years bc fruit processing ltd. changed its name to sun rype products ltd. 8 in 1963 sun rype teamed up with the fraser valley milk producers association to distribute juice cartons on vancouver milk routes . in 1979 it became the first juice manufacturing company in canada to provide tetra packaging for its 250 ml and 1 l juice packs . also in 1992 it developed the 6 l bag in a box package . 7 in 1996 sun rype celebrated its 50th year in business . in recognition of this milestone mayor jim stuart of the city of kelowna honored sun rype by declaring may 13 1996 sun rype day . 7 failed expansion to china edit in november 1994 sun rype announced plans to expand to china . the company signed a memorandum of understanding with shanghai jinqiao epz scientific development co. ltd. to produce and sell its juices in the asian country . with a plant located in the jinqiao export processing zone in pudong sun rype invested 65 % of the 13 million project cost and anticipated to be selling its juices by the end of 1995 . 9 this expansion plan almost immediately started to falter and in 1997 sun rype was forced to create a new joint venture with lion group a malaysian conglomerate . with this deal in place sun rype received land equipment and future working capital while lion group took over ownership of the asian subsidiary . 10 by 1998 after net losses of 5.8 million in 1997 the venture was not proving to be profitable so in march of that same year sun rype decided to pull out of the chinese market . 11 12 the company absorbed 4.4 million in losses . 13 hostile takeover attempt edit in july 1996 clearly canadian beverage corporation initiated a 40 million hostile takeover bid of sun rype . 14 the reasons behind this attempt were to immediately double clearly canadian s revenues and give it use of sun rype s bottling plant thus centralizing its production facilities . 15 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 few ways for shareholders to sell their shares . 16 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 shareholders and on july 18 the board of directors offered an 18 page document detailing why shareholders should refrain from selling . 17 on july 24 just days later clearly canadian also sent out a document describing to shareholders why they should sell their shares . both of these documents contained invalid and misleading information about each company such as share values and purchase options to shareholders so on july 31 the british columbia securities commission issued an order for both companies to correct the statements . 18 with the bid offer expiry date of august 7 approaching clearly canadian decided to extend its offer expiration date to august 19 . it claimed it was doing this to give shareholders more time to decide whether or not to sell their shares . this extension caused further rifts between the two companies with sun rype claiming reason for the extension while clearly canadian stayed focused on acquiring as many shares as possible . 19 with the final bid deadline fast approaching clearly canadian used many tactics in an attempt to gain more shares including sending out circulars hosting public receptions and talking to community press . 15 in the end however sun rype which spent 741 000 fighting the takeover was able to prevail over clearly canadian losing only 15.8 % of its shares to the beverage corporation . 20 21 initial public offering edit 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 . 16 as a result sun rype finally went public on the toronto stock exchange on november 12 1996 with 2.35 million shares opening at 2.75 a share . 22 23 it used the profits from the offering to pay off a 6.3 million bank debt and help fund its new chinese operation . 24 from public corporation to private edit in september 2013 sun rype products ltd. became privately owned by the jim pattison group . citation needed references edit a b sun rype products ltd. february 28 2008 . annual report for the year ended december 31 2007 pdf 553 kib . retrieved on 2008 03 05 a b sun rype products ltd. february 28 2007 . annual information form for the year ended december 31 2006 pdf 204 kib . retrieved on 2007 03 30 sun rype . sun rype products ltd. retrieved 2007 04 01 . the top 100 . the vancouver sun . october 9 2003 . corporate profile . sun rype products ltd. retrieved 2007 03 30 . our history . sun rype products ltd. retrieved 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 . faq . sun rype products ltd. retrieved 2007 04 02 . new canadian business initiatives in china press release . canada trade missions . november 10 1994 . retrieved 2007 04 02 . damsell keith august 29 1997 . investors left flat by beverage saga . financial post . sun rype products ltd. 2000 . annual report 1999 pdf 1.51 mib . retrieved on 2007 april 2 lazarus eve april 13 1998 . sun rype rethinks its expansion plans . marketing magazine . 103 14 3 . bc juice manufacturer drops plan to sell in china . canadian press . october 20 1998 . connolly kathleen july 17 1996 . bid made for control of sun rype . oliver chronicle . archived from the original on september 29 2007 . retrieved 2007 03 31 . a b mccullough michael december 1996 . just add hype . canadian business . 69 15 130 135 . a b macnaull steve october 26 2005 . when life hands you apples make juice . the globe and mail . retrieved 2007 03 30 . damsell keith july 27 29 1996 . doug mason can see clearly now . financial post . 90 30 12 . securities commission issues decision on clearly canadian and sun rype press release . british columbia securities commission . july 31 1996 . retrieved 2007 03 31 . deadline stretched for sun rype buy out . oliver chronicle . august 8 1996 . archived from the original on september 29 2007 . retrieved 2007 03 31 . a hostile takeover bid leaves sun rype a bit sour financially . the vancouver sun . november 30 1996 . nutt rod august 23 1996 . clearly canadian takeover bid falls flat . the vancouver sun . economic profile . economic development commission . retrieved 2007 04 02 . investment news . the globe and mail . november 5 1996 . sun rype files prospectus for ipo . financial post . 9 119 7 . august 29 1996 . external links edit sun rype official website retrieved from https en.wikipedia.org w index.php title sun rype & oldid 742031010 categories companies formerly listed on the toronto stock exchangedrink companies of canadacompanies established in 1946food and drink companies of canadacompanies based in kelowna1946 establishments in british columbiahidden categories use mdy dates from june 2013pages using infobox company with unsupported parametersall articles with unsourced statementsarticles with unsourced statements from april 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main 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