US: Seneca to buy 50% of contract manufacturer Truitt Bros.
Seneca has option to buy rest of business in future
US packaged fruit and veg supplier Seneca Foods is to buy a 50% stake in local shelf-stable foods supplier Truitt Bros.
Seneca has struck a deal to buy the 50% of the business owned by shareholder and co-founder Peter Truitt.
The agreement gives Seneca the option of acquiring the remaining 50% of Truitt Bros. from Peter's brother and fellow co-founder David Truitt - also the company's president and CEO - and other shareholders.
"Truitt Bros. is a leader in developing shelf-stable meals in trays and pouches," Kraig Kayser, Seneca's president and CEO, said.
The management of Truitt Bros. will remain unchanged. David Truitt added: "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."
Seneca's offer served as the "stalking-horse bid". The company said the deal was subject to court approval at a hearing due to be held "in the near future". No further statements have been made.
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
US canned vegetable producer Allens is changing its name to Sager Creek Vegetable Co. ...
Synopsis The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global soups market during April 2014. Summary U...
- On the money: Hormel still looking for M&A
- Consuming issues: The hunger-obesity paradox
- On the money: Hain expects continued organic gains
- Analysis: Market bets on higher Chiquita offer
- BRICs and beyond: Fonterra, Beingmate partnership
- Fonterra, Beingmate launch infant formula JV
- Parmalat nears Lacteos Brasil acquisition
- Switz rejects EU plea to bypass Russia export ban
- Mondelez eyes snacks categories in India
- Italy yoghurt woes lead to Emmi profit warning