Seneca Foods Completes the Acquisition of Gray & Company
November 02 2015 - 9:30AM
Seneca Foods Corporation (the “Company”) (NASDAQ:SENEA)
(NASDAQ:SENEB) and Gray & Company announced today that Seneca
has completed the acquisition of Gray & Company. This business,
based in Hart, Michigan, is the world’s leading provider of
maraschino cherries and one of the largest providers of glace or
candied fruit products. Its product suite is sold via branded and
private label items to the retail, club stores, foodservice and
industrial markets.
“We believe that these operations are a
complementary fit with our existing canned fruit business. We are
very excited about this acquisition and the extension of product
offerings it brings to our company,” stated Kraig Kayser, Seneca
Foods' President and CEO. “On behalf of the entire Seneca team, I
welcome them to the organization.”
James Reynolds, 72, has led the growth of Gray as
CEO and principal owner since 1981.
“After 34 years at the helm, it is high time for me
to secure the bright future of our business by transferring
leadership and ownership to a much larger organization with a
compatible culture and business to propel us for the next 35
years,” Reynolds commented. “This union with Seneca is a very good
day indeed for our employees, growers and customers. I am
delighted!”
About Seneca Foods
CorporationSeneca 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 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®, 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 in the S&P
SmallCap 600, Russell 2000 and Russell 3000 indices.
About Gray & CompanyFounded in
1908 in Portland, Ore., Gray & Company is a privately held
corporation with more than a century of tradition as a fruit
processor, and today stands as the world’s largest producer of
maraschino cherries. Gray & Company has processing facilities
in Oregon and Michigan, from which they serve North America and
markets around the globe.
Forward-Looking
StatementsStatements 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.
Contact:
Timothy J. Benjamin, Chief Financial Officer
315-926-8100
Seneca Foods (NASDAQ:SENEB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seneca Foods (NASDAQ:SENEB)
Historical Stock Chart
From Sep 2023 to Sep 2024