MARION, N.Y., April 1, 2014 /PRNewswire/ -- Seneca Foods
Corporation (the "Company") (NASDAQ: SENEA, SENEB) and Peter W. Truitt have entered into a Share
Purchase Agreement whereas the Company has acquired Peter's 50%
ownership interest in Truitt Bros.,
Inc., and directly related holdings. The effective date
of the transaction is April, 1, 2014. The management of
Truitt Bros., Inc. will remain
unchanged. The remaining terms of the Share Purchase
Agreement are currently not being disclosed.
In addition to the aforementioned Share Purchase Agreement, the
Company also entered into an Agreement with David Truitt and other shareholders. This
Agreement grants the Company the right to acquire the remaining 50%
ownership of Truitt Bros., Inc. at a
future point in time.
"We are very excited about our investment in Truitt Bros. Truitt Bros. is a leader in
developing shelf stable meals in trays and pouches," stated
Kraig Kayser, Seneca Foods'
President and CEO. "On behalf of the Seneca team, we look forward to working with
David and the entire Truitt Bros.
organization."
David Truitt, Truitt Bros. Inc. President and CEO stated that,
"We are pleased with Seneca's
investment into Truitt Bros.
We have known Seneca for years,
and share similar backgrounds and interests in food processing.
We have high regards for their organization, and we look
forward to the future with Seneca Foods being our
partner."
About Seneca Foods Corporation
Seneca Foods is
North America's leading provider
of packaged fruits and vegetables, with facilities located
throughout the United States. Its
high quality products are primarily sourced from over 3,000
American farms. Seneca holds
the largest share of the retail private label, food service, and
export canned vegetable markets, distributing to over 90
countries. Products are also sold under the highly
regarded brands of Libby's®, Aunt Nellie's®, READ®, Seneca Farms®
and Seneca labels, including
Seneca snack chips. In
addition, Seneca provides
vegetable products under an alliance with General Mills Operations,
LLC, a subsidiary of General Mills, Inc., under the Green Giant
label. Seneca's common stock is traded on the Nasdaq
Global Stock Market under the symbols "SENEA" and "SENEB". SENEA is
included the S&P SmallCap 600, Russell 2000 and Russell 3000
indices.
About Truitt Bros.,
Inc.
Co-founded and operated by brothers David and
Peter Truitt, Truitt Bros. is a third-generation family-owned
food processor with operations in Salem,
Oregon and East Bernstadt,
Kentucky. Leaders in bringing quality and innovation to the
industry, the company provides shelf stable products for a wide
variety of establishments, from restaurants and businesses to
health care and retailers. As part of their commitment to
preservation of natural resources, as well as positive employee
relations and environmentally responsible manufacturing practices,
Truitt Bros. became the first food
processor in the country to earn Food Alliance certification in May
of 2006. In 2010, the company was recognized as one of Oregon's leaders in sustainable approaches to
business and honored by Governor Kulongoski with an Oregon
Sustainability Award.
Forward-Looking Statements
Statements that are not
historical facts, including statements about management's beliefs
or expectations, are forward looking statements as defined in the
Private Securities Litigation Reform Act (PSLRA) of 1995. All
forward-looking statements involve risks, uncertainties and
contingencies which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. Factors that may cause actual
results to differ materially from those in the forward-looking
statements include those set forth in Seneca Foods Corporation's
filings with the SEC, including the disclosure under the heading
"Risk Factors" in Seneca Foods' Annual Report on Form 10-K.
There can be no assurance that the merger will close on the
expected schedule or that the merger will be consummated at
all. We are under no obligation to update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Seneca Foods Corporation