LAUREL COUNTY, Ky. — Marion, N.Y. — Effective April 1, Peter W. Truitt, co-owner of Truitt Bros. Inc., has sold his half of the company to Seneca Foods Corporation, North America’s leading provider of packaged fruits and vegetables, with facilities located throughout the United States.
Co-founded and operated by brothers David and Peter Truitt, Truitt Bros. is a third-generation family-owned food processor with operations in Salem, Ore. and East Bernstadt, Ky. The company provides shelf stable products for a wide variety of establishments, from restaurants and businesses to health care and retailers.
Seneca Foods has acquired Peter’s interest and directly related holdings. Terms of the share purchase agreement are currently not being disclosed, but management of Truitt Bros. Inc. will remain unchanged.
In addition, Seneca Foods has entered into a agreement with co-owner, David Truitt, president and CEO, and other shareholders granting them the right to acquire the remaining 50 percent ownership of Truitt Bros. Inc. at a future point in time.
“We are very excited about our investment in Truitt Bros. Truitt Bros. is a leader in developing shelf stable meals in trays and pouches,” stated Kraig Kayser, Seneca Foods' president and CEO. “On behalf of the Seneca team, we look forward to working with David and the entire Truitt Bros. organization.”
“We are pleased with Seneca’s investment into Truitt Bros.," said David Truitt. "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.”
Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s, Aunt Nellie’s, READ, Seneca Farms and Seneca labels, including Seneca snack chips. In addition, Seneca provides vegetable products under an alliance with General Mills Operations, LLC, a subsidiary of General Mills, Inc., under the Green Giant label.