04.01.05
Northland Cranberries, Inc., Wisconsin Rapids, WI, recently sold its branded juice business to Apple & Eve, Port Washington, NY. The sale included certain raw materials, work-in-process and finished goods inventories, the Northland, Treesweet and Awake brands, as well as an assignment of the Seneca brand license agreement between Northland and Seneca Foods Corporation. Northland and Apple & Eve also entered into a cranberry concentrate supply agreement under which Apple & Eve will purchase approximately $6.7 million of cranberry concentrate during the next 12 months. The supply agreement also provides Apply & Eve the option, commencing in October 2005 and continuing for a period of nine years, to purchase cranberry concentrate from Northland for use in the brands acquired by Apple & Eve in this transaction.