Seneca Foods Completes the Acquisition of Diana Fruit Company
February 17 2016 - 4:15PM
Seneca Foods Corporation (“Seneca”) (NASDAQ:SENEA) (NASDAQ:SENEB)
and Diana Fruit Co., Inc. (“Diana”) announced today that Seneca’s
subsidiary, Gray & Company, has completed the acquisition of
Diana. This business, based in Santa Clara, California, is one of
the leading providers of maraschino cherries and fruit cocktail
cherries. Its product suite is sold via foodservice and industrial
markets.
“Diana has a 90 year history of providing high
quality cherry products to their customers. We are pleased about
this acquisition and the extension of product offerings it brings
to our company. Diana will be a very complementary fit with our
recent acquisition of Gray & Company,” stated Kraig Kayser,
Seneca Foods' President and CEO.
John T. Stout, Jr., Diana’s Chairman of Board,
stated: “After twenty-five years of ownership we are excited about
the future of Diana Fruit Company in combination with Seneca’s
leadership, ownership and recent acquisition of Gray & Company.
This transaction offers the best opportunity for our customers,
growers, and shareholders, while also allowing our senior leaders
to grow the business with a larger organization in a similar
culture.”
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®, Cherryman® and Seneca labels,
including Seneca snack chips. In addition, Seneca provides
vegetable products under a contract packing agreement with B&G
Foods North America, 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 Diana Fruit CompanyDiana
Fruit Company was founded in 1921 in Santa Clara, California by
Alexander Diana, a young immigrant from Yugoslavia and northern
Italy that had a passion for making the highest quality of
maraschino cherries by selecting only the finest cherries at the
right maturity. In 1957, Eugene C. Acronico, the grandson of the
founder, took the leadership of the company, and passed that role
to Tom Klevay three years ago. After 13 years of ownership under
Holly Farms and one year under Tyson Foods, a group led by John T.
Stout purchased Diana Fruit in 1990. Today, Diana Fruit Company is
the largest processor of cherries for fruit cocktail and the 3rd
largest supplier of maraschino cherries in the United States, and
continues to take pride in producing the finest maraschino and
fruit cocktail cherries in the world.
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.
Contacts:
Timothy J. Benjamin, Chief Financial Officer
Seneca Foods Corporation
315-926-8100
Thomas Klevay, Chief Executive Officer
Diana Fruit Co. Inc.
408-727-9631
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