Pro-Fac Cooperative, Inc., an agricultural cooperative, announced that it received a distribution of approximately $238 million from Birds Eye Holdings, LLC upon the closing of the sale of Birds Eye Foods, Inc. to the Pinnacle Foods Group. The sale was completed on Dec. 23.
"This is a great day in the history of our Cooperative," said Pro-Fac General Manager and CEO Stephen R. Wright. "This is another successful chapter in the life story of a very innovative farmer-owned and farmer-controlled organization."
Wright added that the Pro-Fac Board of Directors will be evaluating potential uses for the cash received from this transaction, including distributions to Pro-Fac members and other stakeholders, and expects to make a further announcement when a course of action is determined.