The effective date of the transaction was 1 April 2014. The management of Truitt Bros Inc will remain unchanged. The remaining terms of the share purchase agreement are currently not being disclosed.
In addition to the share purchase agreement, the company also entered into an agreement with David Truitt and other shareholders. This agreement grants the company the right to acquire the remaining 50% ownership of Truitt Bros Inc at a future point in time.
“We are very excited about our investment in Truitt Bros,” said Kraig Kayser, Seneca Foods’ president and CEO. “Truitt Bros is a leader in developing shelf-stable meals in trays and pouches. On behalf of the Seneca team, we look forward to working with David and the entire Truitt Bros organisation.”
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