Reporting its third quarter results, California-based Provena Foods said that the company is prepared for the proposed merger with Hormel Foods, which shareholders will vote on in December.
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Provena Foods posted net earnings of US$202,406 for the third quarter of 2006 and $641,750 for the first nine months of 2006.
The company’s Q3 sales were up 8.6% year-on-year, while sales for the first nine months increased by 6% over the first nine moths of last year.
In September, the company entered into a definitive agreement with Hormel Foods whereby, subject to customary conditions and shareholder approval, Hormel Foods would acquire Provena for 0.08 Hormel shares for one Provena share.
Provena shareholders of record at the close of business on 23 October will be entitled to vote at a special meeting to approve the deal. The meeting will take place on 14 December in Chino, California.
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