SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 17, 2000
AGWAY INC.
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(Exact name of registrant as specified in its charter)
Delaware 2-22791 15-0277720
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
333 Butternut Drive, DeWitt, New York 13214
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 449-6436
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Item 5. Other Events
Agway, Inc. and Southern States Cooperative, Inc. announced on May 17 the
signing of a letter of intent to pursue discussions toward the creation of a
relationship to serve Agway consumer dealers in the northeastern United States.
The letter of intent provides for the two cooperatives to work together to
develop a product distribution and marketing system that will serve dealers with
a full-line of branded and non-branded products, as well as marketing and
advertising support to develop the cooperatives' brands and trademarks over a
larger geographic area.
Under the terms of the letter of intent, Southern States would acquire certain
assets relating to Agway's consumer wholesale business (the "Consumer
Business"), would assume all dealer marketing, development, operations,
distribution and logistics associated with the Consumer Business operated by
Agway and would provide Agway branded products, while Agway would continue to
manufacture, promote, distribute and sell the Agway and Legends bagged feed
products through the dealer channel in the Northeast. Agway would also provide
Agway Feathered Friend bird food, Agway seed and Seedway's commercial vegetable
seed and turf seed products in this market.
The terms of the letter of intent are subject to the negotiation and execution
of a definitive agreement between Agway and Southern States. Under terms of the
letter of intent, the new product distribution and marketing system would be in
place by July 2000.
Currently, Agway and Southern States co-own a bulk and bagged feed manufacturing
plant in Gettysburg, PA and are co-owners of a pet food joint venture with four
other farmer-owned cooperatives. Brands currently available through Agway and
Southern States dealers now include: Statesman(R), Legends(R), Respond(R),
Pro-Pet(R), Big Red(R), and Li'l Red(R).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AGWAY INC.
(Registrant)
Date May 18, 2000 By /s/ PETER J. O'NEILL
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Peter J. O'Neill
Senior Vice President
Finance & Control
(Principal Financial Officer and
Chief Accounting Officer)
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