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.