Seneca Foods Corporation and Peter W. Truitt have entered into a Share Purchase Agreement whereas the Company has acquired Peter's 50% ownership interest in Truitt Bros., Inc., and directly related holdings. The effective date of the transaction is April, 1, 2014. The management of Truitt Bros., Inc. will remain unchanged. The remaining terms of the Share Purchase Agreement are currently not being disclosed.
In addition to the aforementioned Share Purchase Agreement, the Company also entered into an Agreement with David Truitt and other shareholders. This Agreement grants the Company the right to acquire the remaining 50% ownership of Truitt Bros., Inc. at a future point in time.
"We are very excited about our investment in Truitt Bros. Truitt Bros. is a leader in developing shelf stable meals in trays and pouches," stated Kraig Kayser, Seneca Foods' President and CEO. "On behalf of the Seneca team, we look forward to working with David and the entire Truitt Bros. organization."
David Truitt, Truitt Bros. Inc. President and CEO stated that, "We are pleased with Seneca's investment into Truitt Bros. We have known Seneca for years, and share similar backgrounds and interests in food processing. We have high regards for their organization, and we look forward to the future with Seneca Foods being our partner."
