Seneca Foods Corp., Marion, N.Y., and Truitt Bros., Inc., Salem, Ore., entered into a share purchase agreement whereas Seneca Foods acquired 50% ownership interest in the contract manufacturer, effective April 1. Truitt Bros. management will remain unchanged. The remaining terms of the share purchase agreement are currently not being disclosed.
The frozen vegetable processor also entered into an agreement with David Truitt, owner of Truitt Bros., and other shareholders that grants Seneca Foods the right to acquire the remaining 50% ownership of Truitt Bros. at a future point in time.
"We are very excited about our investment in Truitt Bros. [They are] a leader in developing shelf-stable meals in trays and pouches," says Kraig Kayser, president and CEO of Seneca Foods. "On behalf of the Seneca team, we look forward to working with David and the entire Truitt Bros. organization."
"We are pleased with Seneca's investment into Truitt Bros,” says Truitt. “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."