Seneca Foods Corporation Acquires the Remaining 50% of Truitt Bros., Inc.
Topic: Financial - Apr 04, 2017
Seneca Foods Corporation (the “Company”) (NASDAQ: SENEA, SENEB) and David J. Truitt have entered into a Share Purchase Agreement whereas the Company has acquired David’s 50% ownership interest in Truitt Bros., Inc., (“TBI”) and directly related holdings. The effective date of the transaction is April, 1, 2017. With this transaction the Company will now own 100% of TBI which they will retain as a wholly owned subsidiary. David Truitt and the existing management team will continue to operate the TBI business after this transaction. The remaining terms of the Share Purchase Agreement are currently not being disclosed.