4. Sale of Soy and Corn Business

On February 22, 2019, the Company's subsidiary, SunOpta Grains and Foods Inc., completed the sale of its specialty and organic soy and corn business to Pipeline Foods, LLC ("Pipeline Foods") for $66.5 million, which was subject to certain post-closing adjustments recognized in the third quarter of 2019. The soy and corn business engaged in seed and grain conditioning and corn milling and formed part of the Company's Global Ingredients reportable segment. The business included five facilities located in Hope, Minnesota, Blooming Prairie, Minnesota, Ellendale, Minnesota, Moorhead, Minnesota, and Cresco, Iowa. The net proceeds from this transaction were initially used to repay borrowings under the Company's Global Credit Facility (see note 9).

The Company recognized a net gain on sale of the soy and corn business, which was recognized in other income, as follows:

	Quarter ended		Three quarters ended
	September 28, 2019		September 28, 2019
	$		$
Cash consideration	—		66,500
Post-closing adjustments	(1,106	)	(1,106	)
Transaction and related costs	(3	)	(1,828	)
Net proceeds	(1,109	)	63,566

Current assets	—		22,810
Property, plant and equipment	—		8,423
Goodwill	—		1,526
Current liabilities	—		(13,462	)
Net assets sold	—		19,297

Pre-tax gain (loss) on sale	(1,109	)	44,269

As the soy and corn business did not qualify for presentation as discontinued operations, operating results for this business prior to February 22, 2019 were reported in continuing operations on the consolidated statements of operations for the current and comparative periods. For the period ended February 22, 2019, the soy and corn business generated revenues of $10.3 million and reported a loss before income taxes of $0.2 million. For the quarter and three quarters ended September 29, 2018, the soy and corn business generated revenues of $27.0 million and $77.9 million, respectively, and reported earnings before income taxes of $0.8 million and $5.5 million, respectively. The reported pre-tax results exclude management fees charged by Corporate Services and do not reflect other cost reduction measures associated with the sale of the soy and corn business that were taken in connection with the Value Creation Plan (see note 5).