Agrilink Foods to Purchase DelAgra Corp.ROCHESTER, N.Y., Feb. 13 /PRNewswire/ -- Agrilink Foods, a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Pro-Fac Cooperative (Nasdaq: PFACP) and DelAgra Corp., a producer of private label frozen vegetables based in Bridgeville, Delaware, today jointly announced that they have signed a letter of intent for Agrilink to acquire all the assets and the business of DelAgra.
DelAgra is owned by Charles H. West and family. Upon completion of the agreement, it is anticipated that Charles H. West Farms, Inc., DelAgra's major supplier of raw product, including carrots, peas, lima beans and spinach, will become a member of Pro-Fac and continue to supply vegetables to the Cooperative. The operation will become part of Agrilink's Curtice Burns Foods business unit.
The parties are working towards finalizing the agreement, subject to board approval and due diligence by both parties, and expect to close by the end of March, 1998.
"This acquisition fits within our strategic plan to expand our frozen vegetable business," comments Agrilink president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dennis M. Mullen. "In addition to the increased sales volume, we will also be able to expand our production capacity into a different part of the country."
Pro-Fac general manager Stephen R. Wright adds, "We are pleased to bring West Farms into the Cooperative as one of our bigger members. There is an earlier season in Delaware's agricultural area, which also helps us with production planning."
Charles H. West, president of DelAgra and West Farms, says, "My family and I look forward to working with Agrilink and Pro-Fac, and to an enhanced relationship with all our current and expanded associates. We expect an expedient transition that is beneficial to all affected parties."
Agrilink Foods, Inc. processes and markets a variety of product lines of regional branded, private label and food service products in facilities located throughout the United States. Pro-Fac Cooperative, an agricultural marketing cooperative An agricultural marketing cooperative, also known as a farmer's co-op, is a cooperative business owned by farmers, to produce or (usually) store and market agricultural products. which consists of more than 600 members, processes fruits, vegetables and popcorn through its wholly owned subsidiary, Agrilink Foods.
SOURCE Agrilink Foods, Inc.
/CONTACT: Bea Slizewski, VP Communications of Agrilink Foods, 716-264-3189/
CO: Agrilink Foods, Inc.; Pro-Fac Cooperative; DelAgra Corp.; Charles H. West
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