Home | Community | Message Board

High Mountain Compost
Please support our sponsors.

Feedback and Administration >> Shroomery News Service

Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Original Seeds Store Shop: Buy Cannabis Seeds, Buy CBD

Jump to first unread post. Pages: 1
old hand
 User Gallery
Registered: 12/18/02
Posts: 6,028
Last seen: 8 months, 4 days
Mushroom firm taking $63 million to sell out
    #2119606 - 11/18/03 01:44 PM (14 years, 6 months ago)


Mushroom firm taking $63 million to sell out

Sylvan agrees to be acquired by Shyder Associated

Tuesday, November 18, 2003

By Joyce Gannon, Pittsburgh Post-Gazette

Sylvan Inc., the Armstrong County mushroom and spawn producer, has agreed to be acquired by Snyder Associated Cos., a private holding company in Kittanning, Armstrong County, for $63 million.

The offer, valued at $12.25 per share, lifted Sylvan shares nearly 20 percent, with the stock closing at $12.06, up $1.96 from Friday's close.

Snyder, which also has interests in mushrooms as well as minerals, oil, gas, sand and gravel, is one of the investors in a group that tried to buy Sylvan earlier this year. That group, which also included some Sylvan executives, withdrew its $11-per-share bid to purchase the company in June. But some Sylvan managers, including Chairman Dennis C. Zensen, who owns about 14 percent of Sylvan, are expected to hold an equity stake once the new agreement is finalized.

Neither company would comment on the deal, which also calls for Snyder to assume about $32 million in debt from Sylvan.

Sylvan said it would schedule a meeting in the first quarter of 2004 for shareholders to vote on the transaction.

Saxonburg-based Sylvan, which employs 850 worldwide, has been considering a sale of the company since last year when it hired a Boston investment banking firm to help it explore options to increase shareholder value. Among the parties that expressed interest in buying it, besides the management group, was a family-run mushroom business in Italy.

Sylvan's net income fell 19 percent last year, to $5 million, on sales of $88.2 million.

The company said last week that third-quarter net income fell 24 percent to $839,000, or 16 cents a share, from $1.1 million, or 20 cents a share, a year ago. Third-quarter sales rose slightly to $23.8 million from $22.3 million a year ago.

In the third-quarter report, Zensen said that while the company's fresh mushroom business met expectations, sales volume for the spawn segment was down because of mushroom farm closures and a competitive market. Sylvan is considered the largest producer worldwide of spawn, a product equivalent to seed for mushroom, and spawn accounts for about 70 percent of Sylvan's total sales.

Besides its Armstrong County operations, Sylvan has operations in Florida, Nevada, Iowa, Canada, Australia, France, Ireland, England, The Netherlands, Hungary and South Africa.

Family-operated Snyder was formed in 1941 when brothers Elmer and Charles Snyder formed a small construction business. They eventually diversified into coal mining, sand and gravel, highway equipment and other businesses, including a Quality Inn motel in Kittanning, before creating a management holding company in 1976.

Now operated by the founders' sons and grandsons, Snyder employs about 1,000 at its various businesses and is a partner in Creekside Mushrooms Ltd., which produces the Moonlight Mushrooms brand.


Post Extras: Print Post  Remind Me! Notify Moderator
Dementia praecox
 User Gallery

Registered: 06/07/02
Posts: 1,418
Loc: Everywhere
Re: Mushroom firm taking $63 million to sell out [Re: motaman]
    #2121684 - 11/19/03 03:21 AM (14 years, 6 months ago)

Selling-out sucks. I hate sell-outs(Ozzy for instance), but what can you do. The way society is built today, without money you'll never make it anydamnwhere.

Post Extras: Print Post  Remind Me! Notify Moderator
Head Banana

Registered: 10/28/99
Posts: 3,106
Loc: www.MycoSupply.com
Re: Mushroom firm taking $63 million to sell out [Re: MrMaddHatter]
    #2123608 - 11/19/03 08:36 PM (14 years, 5 months ago)

That news has been floating around here as rumor for a few months....

Sylvan is big, although Snyder is huge.

Sylvan made some really good bulk spawn. I'll have to find out if they still plan on producing it.

Thanks motaman


Myco Supply - Distributors of Mycological Products

The Premiere Source for Mushroom Growing Supplies.
Visit us online or call us toll free

Post Extras: Print Post  Remind Me! Notify Moderator
Jump to top. Pages: 1

Original Seeds Store Shop: Buy Cannabis Seeds, Buy CBD

Feedback and Administration >> Shroomery News Service

Similar ThreadsPosterViewsRepliesLast post
* Ranchers's problem mushrooms Mr_Puke 9,594 13 09/20/02 08:52 AM
by Klown
* Paul Stamets: "How Mushrooms Will Save the World" bowling-name 5,312 9 09/14/07 01:27 AM
by CptnGarden
* Coloroado wants to decrimalize magic mushrooms
( 1 2 all )
losfreddy 1,532 25 03/11/18 07:08 PM
by Barnaby
* 63 days in a storage unit. luvdemshrooms 1,823 8 09/30/03 06:21 PM
by daussaulit
* 63,556 marijuana plants seized veggie 869 0 11/07/04 12:47 PM
by veggie
* Small scale mushrooms producers busted in Utah bowling-name 8,682 17 11/06/02 11:20 AM
by mycofile
* Poisonous Mushrooms Almost Kill Teen In S.C.
( 1 2 all )
ThorA 13,588 23 02/21/03 10:11 AM
by MycoTekc
* Mushroom Cultivation Workshop in China kykeon 4,625 1 10/02/02 07:37 PM
by GGreatOne234

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: motaman, karode13, Alan Rockefeller, naum, Mostly_Harmless
1,355 topic views. 0 members, 4 guests and 4 web crawlers are browsing this forum.
[ Toggle Favorite | Print Topic | Stats ]
Search this thread:
Avalon Magic Plants
Please support our sponsors.

Copyright 1997-2018 Mind Media. Some rights reserved.

Generated in 0.016 seconds spending 0.004 seconds on 16 queries.