Seneca Foods Announces Definitive Agreement with Pacific Coast Producers
March 23 2015 - 11:00AM
Seneca Foods Corporation (Nasdaq:SENEA) (Nasdaq:SENEB) and Pacific
Coast Producers announced today that they have entered into an
Asset Purchase Agreement whereby Pacific Coast Producers will
acquire Seneca's Modesto, California fruit processing facility, and
its related business. The transaction is expected to close in the
next 60-75 days after meeting customary closing conditions. This
transaction does not involve any of the other fruit processing
facilities owned by Seneca Foods.
About Seneca Foods Corporation
Seneca Foods is North America's leading provider of packaged
fruit and vegetables, with facilities located throughout the United
States. Its high quality products are primarily sourced from over
2,000 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 Pacific Coast Producers
Pacific Coast Producers is a grower owned agricultural
cooperative formed in 1971, and headquartered in Lodi, CA.
PCP processes and packages fruits and tomatoes for retail,
foodservice and industrial markets under private label
brands. The cooperative grows and packages its fruits and
tomatoes in Northern California, with plants in Woodland, Lodi and
Oroville, California, for distribution to all of the major retail
grocery stores and foodservice markets in the U.S.
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 events that could give rise
to a termination of the sale agreement or failure to receive
necessary approvals for the transaction and other risks 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 sale
transaction will close on the expected schedule or that the sale
transaction will be consummated at all. We believe these
forward-looking statements are reasonable; however, undue reliance
should not be placed on any forward-looking statements, which are
based on current expectations. All forward-looking statements speak
only as of the date hereof. We are under no obligation to
update or alter our forward-looking statements, whether as a result
of new information, future events or otherwise.
CONTACT: Seneca Foods Contact: Timothy J. Benjamin, CFO
(315-926-8100)
Pacific Coast Producers Contact: Matt Strong, CFO
(209-367-8800)
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