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| Allen Canning to Acquire Non-branded Frozen Business of Birds Eye Foods Monday, November 27, 2006 Siloam Springs, Arkansas - Allen Canning Company and Birds Eye Foods, Inc. today announced an agreement under which Allen Canning will acquire substantially all of the operating assets of Birds Eye's non-branded frozen vegetable business. The business processes fresh vegetables, including peas, corn, beans and carrots, and repacks vegetables for major customers including Wal-Mart, Royal Ahold, Kroger, Albertsons, SuperValu, Publix, Associated Wholesale Grocers, SYSCO, Gordon Food Service and U.S. Foodservice. The acquired business includes plants in Brockport, Bergen and Oakfield, New York; Fairwater, Wisconsin; and Montezuma, Georgia, and employs almost 700 people. Allen Canning will also acquire the "Chill Ripe" and "Garden Classics" brand names in the transaction. "We are excited to be expanding into the frozen vegetable business," said Rick Allen, President and CEO of Allen Canning Company. "This is a natural extension of our canned vegetable business, and will allow us to better serve our existing customers and, at the same time, to build new relationships with many customers that Birds Eye has served over the years. We especially look forward to becoming a part of five communities that are new to us, and to welcoming to our company the dedicated employees that Birds Eye has assembled." "We are delighted to announce this agreement," said Neil Harrison, Chairman, President and CEO, Birds Eye Foods, "and we know that the store brand business will be in good hands with Allen Canning." Completion of the transaction is expected to occur in December, subject to regulatory approvals and other closing conditions in the agreement between the two parties. Stephens Inc. served as financial advisors to Allen Canning in the transaction, and Goldsmith Agio Helms advised Birds Eye. Allen Canning Company is a family-owned and operated company that has been in the vegetable business since 1926. It grows and packs vegetables for retail and foodservice customers, under labels that include The Allens, Butterfield, East Texas Fair, Freshlike, Popeye, Princella, Royal Prince, Sugary Sam, Sunshine, Trappey's, Veg-All, and Wagon Master. Allen Canning operates seven plants in five states, and is headquartered in Siloam Springs, Arkansas. Birds Eye Foods is a nationally recognized food marketing company, with sales of approximately $900 million annually. Its familiar brands in the frozen aisle include Birds Eye, Birds Eye Viola!, C&W, Freshlike and McKenzie's. Other foods marketed by Birds Eye Foods include fillings and toppings under its Comstock and Wilderness brands, chili and chili ingredients under its Nalley and Brooks brands; salad dressings under its Bernstein's and Nalley brands, and snacks under its Tim's and Snyder of Berlin brands. Birds Eye Foods headquarters is in Rochester, NY. | |  |
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