Agway Announces Sale Of Agronomy, inc ™™ U nced Sa^cuku?^ff;e llL '
® J __ , ® _* " the sale of its agronomy and The transaction includes Ag-
Seedway Businesses To Growmark seedwa * bu ~ to Grow - ™ n 7
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Lancaster Farming, Saturday, December 7, 2002-A35
*v. 5
"*■ 'Hi
Member FDIC
factoring cooperative,
and Allied Seed LLC.
The sale was approved
on Nov. 13 by the U. S.
Bankruptcy Court for
the Northern District of
New York in Utica, N.Y.
Agway reported that
the transaction resulted
in proceeds to Agway of
$57 million at closing
and is valued at up to
$BO million. The total
transaction value in
cludes an estimated $4O
million in notes and out
standing accounts re
ceivable payable to
Agway under terms
specified in the sale
agreement.
As part of the agree
ment, Growmark as
sumes control of sub
stantially all of Agway’s
currently operating re
tail fertilizer facilities,
wholesale fertilizer ter
minals, and seed plants.
These facilities are pre
dominantly located in
Delaware, Maryland,
New Jersey, New York,
Pennsylvania, and Ohio.
Pa,
Vegetable
Production
Up
HARRISBURG (Dau
phin Co.) Contracted
production for Pennsyl
vania processing sweet
com in 2002 is estimated
at 6,750 tons, up 38 per
cent from last year’s
4,880 tons, according to
the Pennsylvania Agri
cultural Statistics Serv
ice.
This increase is due to
harvested acres increas
ing from 650 last year to
1,500 acres. Expected
yield is 4.50 tons per acre,
down from last year's
yield of 7.51 tons.
Contracted production
for Pennsylvania snap
beans in 2002 is estimat
ed at 9,180 tons, com
pared to 22,690 tons in
2001. Area for harvest is
estimated at 3,600 acres,
down from 7,900 harvest
ed acres in 2001. Ex
pected yield is 2.55 tons
per acre, down from last
year's yield of 2.87 tons
per acre.
United States' sweet
corn processing plants
expect to take in 3.06
million tons, down three
percent from last year
Area for harvest, at
428,800 acres, is down
four percent from 2001.
The average yield is pro
jected at 7.12 tons per
acre, up from last year's
yield of 704 tons per
acre.
Tomato canning con
tracts call for 11.2 million
tons of tomatoes this
year, up 23 percent from
last year. Area for har
vest, at 304,900 acres, is
up 11 percent from last
year. The average yield is
36.87 tons per acre, a 10
percent increase from last
year's yield.
Snap beans contracted
production totaled
739,270 tons, up 13 per
cent from last year's
comparable States. Area
for harvest, at 192,300
acres, is down less than
one percent from last
year. The average yield is
expected to be 3.84 tons
per acre, eight percent
above last year's yield of