| We are happy to announce that as
of this morning we have completed the transaction with Seneca Foods for the acquisition of
several manufacturing facilities previously owned and operated by Chiquita Processed
Foods. Those facilities are located at Eden and New Richmond, WI and Owatonna, MN.
As anticipated in a Memorandum of Understanding signed between Lakeside and Seneca in
March, the distribution center and sauerkraut operation at Poynette, WI will also be
acquired by Lakeside with completion expected by July 31, 2003.
We are particularly pleased to welcome our new associates from the Eden, New Richmond,
and Owatonna facilities. The proud tradition each of you brings from Chiquita Processed
Foods, and many of you from Friday Canning Company and Owatonna Canning Company before
that, will be a tremendous addition to Lakeside. The talent and energy you will contribute
in the coming years can do nothing but strengthen our growing company and help ensure
future success for all of us, both professionally and personally.
We extend our thanks to the many Lakeside people who worked diligently to allow us to
complete this long and often complex acquisition process. Some of you probably lost a
little sleep or felt more than normal stress from time to time, but we will all be
rewarded in the long run by being part of a company that will be a leader in the domestic
and international food industry for years to come.
We will forward a copy of our public announcement as soon as it is ready for release.
We will continue to keep you advised as we complete the remaining steps of this
transaction in the coming weeks.
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