ASS— Lancaster Farming, Saturday, June 28,1980
Agway, H.P. Hood deal
BY CURT HAULER
SYRACUSE, N.Y. - On
Tuesday the board of
directors of Agway
Cooperative agreed to make
a tender offer for about 70
percent of the shares of H.P.
Hood common stock.
But the expected sale of
Hood assets to the new Agri-
Mark Co-op was stalled
Thursday pending resolution
of financial and contractual
questions, according to Hood
Vice President Robert
Cushman
Also delaying proceedings
is word that the U.S Justice
Department plans to bring
legal action against the
formation of the proposed
giant New England dairy co
op.
None of the parties had
received a copy of the
Justice Department com
plaint as of Fnday
Poultry improvement
meeting scheduled
WASHINGTON, D.C. -
The General Conference
Committee of the
national poultry im
provement plan will meet
July 7 to 10 at the Fairmont
Hotel in New Orleans, La., to
consider 32 proposals af
fecting poultry producers, a
coordinating official with the
U S Department of
Agriculture said today.
Ray Schar, senior national
poultry improvement plan
coordinator with USDA’s
Animal and Plant Health
Inspection Service, said the
committee meeting will be
an integral part of the 25th
bienmel NPIP conference
The seven-member com
mittee is elected by the
NPIP conference delegates,
who represent poultry in
dustry participants in each
state
“The NPIP conference
and the committee have
provided significant advice
to USDA on the procedures,
policies and regulations
needed to implement the
An Agn-Mark-Yankee
spokesman said everything
is in a holding pattern The
targed date for completion of
the package deal was to be
July 1
The Agway stock purchase
will give Agway controlling
interest of the voting shares
of the Hood company
Purchase of the Hood
stock by Agway also is
pending positive conclusion
of studies presently being
conducted by the U S
Department of Justice
The general plan for
formation of the new
marketing co-op, Agri-Mark,
is to have Agway buy Hood’s
voting stock.
Meanwhile, the current
Yankee Co-op stock is turned
over to the newly formed
Agri-Mark Co-op Yankee
goes out of existence
Agri-Mark, in turn, buys
for July 7-10
national poultry im
provement plan ever since
its inception in 1935,” Schar
said.
The 32 proposals to be
considered at this year’s
meeting range from
procedural matters to
changes in laboratory
testing requirements and
regulations for the shipment
of hatching eggs and baby
poultry There will also be a
program proposed for
control of Mycoplasma
meleagndis, an egg
transmitted disease of
turkeys, Shar said
me fixed assets oi , lu
Agri-Mark then will lease
the plants and equipment
back to Hood Hood agrees to
buy all of its milk from Agri-
Mark Hood continues to sell
under its own name
Agway will have little
involvement with Agri-Mark
except for owning con
trolling interest in Hood. But
farmers would have control
of Agri-Mark both through
the Agri-Mark Co-op itself
and through Agway’s board
voting the Hood stock
The price Agway will pay
for the Hood stock is about
$43 per share
Agway said the recent
suspension of patronage
dividends to all of its
members has nothing to do
with the current dairy
dealings in New England
Agway said the dividend
was suspended to allow the
Proposals will be
discussed in general session,
reviewed by subcommittees,
and voted on by the full
conference. The general
conference committee will
then review the conference
recommendations, iron out
discrepancies, and make
final recommendations to
USDA.
Conference delegates
represent four major poultry
breeding groups egg-type
chickens (layers); meat
type chickens (broilers),
turkeys, and waterfowl.
stalled by Justice Dept.
Co-op to build i eserves in the
present inflationary period
Agway said it expects to
borrow all the funds for the
purchase of Hood stock,
probably through the Bank
for Cooperatives
The purchase of the Hood
stock is pending, subject to
positive conclusion of studies
being conducted by the U S
Department of Justice
In the meantime, Agri-
Mark, Inc has been actively
engaged for several weeks in
signing up New England
farmers to join the new
cooperative
The Agri-Mark shippers
will pay 94 cents per hun
dredweight to buy the
physical assets of H P Hood
Agway said it was notified
by Agri-Mark on Tuesday,
June 24, that the amount of
milk in pounds of annual
production committed to
Agn-Mark is approaching
the previously reported goal
of three billion pounds
RN. Goddard, executive
vice president and chief
executive officer of Agway,
said contingencies to the
Agway offer to purchase
H P Hood included the need
for a sufficient amount of
milk to assure successful
operation of the system, as
| ll II I
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