USA: Armanino Foods of Distinction, Inc. concludes deal with pan ready and announces strategic alliance with Swiss American Sausage Co.
Armanino Foods of Distinction, Inc. (Nasdaq:ARMF) announced at its annual meeting today that it has concluded an agreement with Pan Ready Foods, Inc. of South San Francisco to purchase Pan Ready's meatball and breaded chicken production lines and entered into a strategic alliance with Swiss American Sausage Co. of Lathrop, Calif., a subsidiary of Provena Foods, Inc. (AMEX: PZA). Swiss American is a manufacturer of processed meat products serving the pizza market and food service distributors. The prime focus of the strategic alliance provides for Armanino Foods to furnish Swiss American with the production line purchased from Pan Ready Foods and for Swiss American to manufacture under a multi-year contract meatballs and various breaded chicken and meat products based on Armanino Foods proprietary formulas. In addition, Armanino Foods will assume some of Pan Ready's customer base for meatballs and various breaded chicken and meat products and will retain a portion of the Pan Ready sales force.
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