Acquisition

6 Months Ended

Sep. 28, 2013

Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract]

Business Combination Disclosure Text Block

2.On January 15, 2013, the Company completed its acquisition of 100% of the membership interest in Independent Foods, LLC ("Sunnyside"). The business, based in Sunnyside, Washington, is a processor of canned pears, apples and cherries in the United States. The rationale for the acquisition was twofold: (1) the business is a complementary fit with the Company's existing business and (2) it provides an extension of the Company's product offerings. The purchase price totalled $5,017,000 plus the assumption of certain liabilities. In conjunction with the closing, the Company paid $19,517,000 of liabilities acquired. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Sunnyside was allocated based on the internally developed fair value of the assets acquired and liabilities assumed and the independent valuation of property, plant, and equipment. The purchase price of $5,017,000 has been allocated as follows (in millions):

Purchase Price (net of cash received)	$	5.0
Allocated as follows:
Current assets	$	32.7
Property, plant and equipment		7.4
Bargain purchase gain		(1.9)
Current liabilities		(33.2)
Total	$	5.0

In 2013, the Company recorded a $1,971,000 gain as a result of the estimated fair market value of the net assets acquired exceeding the purchase price for Sunnyside. During the first six months of 2014, the Company determined an adjustment to the net assets acquired was required and, as a result, recorded a reduction of the gain on the bargain purchase by $81,000to $1,890,000. This gain and subsequent reduction is included in other operating income on the Consolidated Statementsof Net Earnings.