Birds Eye Foods' primary fruit and vegetable supplier Pro-Fac Cooperative, Inc., Fairport, N.Y., said it received a distribution of approximately $238 million from Birds Eye Holdings, LLC upon the closing of the sale of Birds Eye Foods, Inc. to thePinnacle Foods Group . The sale was completed on December 23.
"This is a great day in the history of our cooperative," said Pro-Fac General Manager and CEO Stephen R. Wright. "This is another successful chapter in the life story of a very innovative farmer-owned and farmer-controlled organization."
Wright added that the Pro-Fac Board of Directors will be evaluating potential uses for the cash received from this transaction, including distributions to Pro-Fac members and other stakeholders, and expects to make a further announcement when a course of action is determined.
Pro-Fac cashes in on Birds Eye sale
December 29, 2009