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Manitowoc, WI March 7, 2003 -- Lakeside Foods, Inc. announced today that it has signed a memorandum of understanding to purchase four facilities in the Midwest from Seneca Foods Corp. in a three-company transaction that also involves Chiquita Processed Foods. Lakeside will acquire processing plants in Owatonna, MN, and New Richmond and Eden, WI. They will also acquire a distribution center in Poynette, WI and part ownership in a sauerkraut joint venture at the same location. The transaction may be subject to regulatory approval. It is anticipated that arrangements will be finalized in ninety days. "We are pleased that continued customer support has allowed us to grow at a time when our industry has seen increased consolidation," said Doug Quick, Lakeside's president and CEO. Jeff Lund, senior vice president, processed food sales, noted that, "This acquisition will significantly increase our vegetable processing capacity and add new items to our product line. It will provide us with the opportunity to expand our markets, both domestically and internationally." "Lakeside is a customer-driven company," commented Dan Cavanaugh, senior vice president, operations. "We look forward to meeting the people at each of the locations, as we work together in providing quality products to our customers." Lakeside Foods is a privately held, leading international food processor. It has headquarters in Manitowoc, WI, ten plants and six distribution centers in Wisconsin, Minnesota, and Ohio, and employs an average of 1000 people. Lakeside produces a diverse line of nutritional food products including canned and frozen vegetables, frozen and shelf-stable meals, canned meats, jellies and preserves, whipped toppings, pasta, salsa, and other sauces. For more information, contact Jeff Lund at (920) 684-3356. |
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