- Seneca Foods Corporation and Peter W. Truitt have entered into a Share Purchase Agreement in which the Company has acquired Truitt's 50% ownership interest in Truitt Bros., Inc., and directly related holdings, effective as of April 1, 2014.
- Seneca Foods also entered into an agreement with David Truitt and other shareholders that grants it the right to acquire the remaining 50% ownership of Truitt Bros at a future point in time.
- The management of Truitt Bros is to remain unchanged, though the remaining terms of the Share Purchase Agreement were not yet disclosed.
David Truitt, Truitt Bros. Inc. President and CEO stated, "We have known Seneca for years, and share similar backgrounds and interests in food processing. We have high regards for their organization, and we look forward to the future with Seneca Foods being our partner." The partnership does make sense in light of the fact that a packaged fruit and vegetable company may be interested in entering the shelf-stable production associated with Truitt. It will be something to watch, particularly if Seneca decides to exercise its option to buy out the remaining shares of Truitt for a full acquisition.