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) June 30, 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 ITEMS
On June 30, 2000, Agway Inc., through its subsidiary Agway Energy Products, LLC
(Energy), sold six pipeline terminal storage facilities, located in New York and
Pennsylvania, to Buckeye Partners, L.P. (Buckeye) for a total purchase price of
$19,000,000. The sale is part of Energy's strategy to focus on growing its
retail energy marketing business, and the sale is not expected to have a
negative impact on Energy's customers or its operations. The agreement with
Buckeye allows Energy to continue to utilize these storage facilities as part of
its distribution network.
It is anticipated that Agway's pre-tax results from continuing operations for
the year ended June 30, 2000 will reflect a gain on the sale of these terminals
of approximately $12,900,000, although that gain may be offset in whole or in
part by other items. Agway's financial results for the year ended June 30, 2000
will be included in Agway's annual report on Form 10-K, which is anticipated to
be filed in September 2000.
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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 August 3, 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)
