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AGWAY CONSIDERING SALE OF INTEREST IN CURTICE BURNS FOODS

 ROCHESTER, N.Y., March 23 /PRNewswire/ -- Curtice Burns Foods (AMEX: CBI) today announced that its major shareholder, Agway Inc., is investigating the sale of its interest in Curtice Burns. Agway, through its wholly-owned subsidiary, Agway Holdings Inc., owns approximately 34 percent of Curtice Burns outstanding common shares, including 13 percent of the outstanding Class A and 99 percent of the outstanding Class B common stock.
 The board of directors of Curtice Burns Foods has formed a special committee of outside directors to recommend to the full board the appropriate course of action regarding the potential sale of Agway's interest. The special committee has hired Donaldson, Lufkin & Jenrette to assist in this matter. Curtice Burns has the right of first refusal in any sale of Agway's Class B Curtice Burns common stock.
 Agway said that its decision to consider the sale of its Curtice Burns shares is part of the farm cooperative's overall strategic plan of focusing on its agriculture, consumer retailing, energy, insurance and leasing businesses.
 Agway was instrumental in the 1961 founding of both Curtice Burns and its joint venture partner Pro-Fac Cooperative, and as part of the initial agreements, has owned at least one third of the company since that time. In return for their investment, they were granted the right to elect 70 percent of the Curtice Burns board of directors. The Syracuse-based cooperative has 91,000 members and operates primarily in northeastern states.
 Curtice Burns Foods processes and markets 24 product lines of regional branded, private label and foodservice products through nine autonomously managed divisions and 55 plants and warehouses located throughout the United States and Western Canada. Pro-Fac, a farmer cooperative, supplies Curtice Burns with its raw commodities, owns the processing, manufacturing, distribution and administrative equipment and facilities used by Curtice Burns, and receives 50 percent of the pre-tax earnings of the business.
 -0- 3/23/93
 /CONTACT: Bea Slizewski of Curtice Burns Foods, 716-383-1850/
 (CBI)


CO: Curtice Burns Foods ST: New York IN: FOD SU:

BM -- CL006 -- 8763 03/23/93 15:02 EST
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Publication:PR Newswire
Date:Mar 23, 1993
Words:340
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