Pro-Fac Receives Distribution Following Sale of Birds Eye
December 23 2009 - 2:01PM
PR Newswire (US)
FAIRPORT, N.Y., Dec. 23 /PRNewswire-FirstCall/ -- Pro-Fac
Cooperative, Inc. (NASDAQ:PFACP), an agricultural cooperative,
announced that it received a distribution of approximately $238
million from Birds Eye Holdings, LLC upon the closing of the sale
of Birds Eye Foods, Inc. to the Pinnacle Foods Group. The sale was
completed today. "This is a great day in the history of our
Cooperative," said Pro-Fac General Manager and CEO Stephen R.
Wright. "This is another successful chapter in the life story of a
very innovative farmer-owned and farmer-controlled organization."
Wright added that the Pro-Fac Board of Directors will be evaluating
potential uses for the cash received from this transaction,
including distributions to Pro-Fac members and other stakeholders,
and expects to make a further announcement when a course of action
is determined. ABOUT PRO-FAC: Pro-Fac Cooperative is an
agricultural cooperative that markets crops grown by its
member-growers, including fruits (cherries, apples, blueberries,
and peaches), vegetables (snap beans, dry beans, beets, peas, sweet
corn, carrots, cabbage, squash, asparagus and potatoes) and
popcorn. Only growers of crops marketed through Pro-Fac (or
associations of such growers) can become members of Pro-Fac.
Pro-Fac's Class A cumulative preferred stock is listed on the
Nasdaq Capital Market under the stock symbol, "PFACP". More
information about Pro-Fac can be found on its web site at
http://www.profaccoop.com/. DATASOURCE: Pro-Fac Cooperative, Inc.
CONTACT: Kevin Murphy for Pro-Fac Cooperative, Inc.,
+1-585-218-4210 Web Site: http://www.profaccoop.com/
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