Growmark signs letter of intent for possible acquisition of Agway’s Agronomy and Seedway businesses

Bloomington, Illinois. and Syracuse, New York
July 26, 2002

Agricultural cooperatives GROWMARK, Inc., Bloomington, Ill., and Agway Inc., Syracuse, N.Y., today announced the signing of a Letter of Intent that provides GROWMARK with exclusive rights to negotiate for the possible acquisition of Agway’s Agronomy and Seedway businesses and related assets.

In March 2002, Agway announced that it was taking steps to divest several business units including Agway Agronomy and Seedway. Agway Agronomy, headquartered in Milford, Del., sells fertilizer, crop protection products, and farm seed. Seedway, headquartered in Hall, N.Y., sells turf, vegetable, and farm seed.

GROWMARK, Inc. is a federated regional cooperative that currently provides agriculture-related products and services to local cooperative members across the Midwest and Ontario, Canada. Visit the GROWMARK Web site at www.fssystem.com.

Agway is an agricultural cooperative owned by 69,000 Northeast farmers.

Company news release
4686

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