Seneca Foods Announces Expanded Share Repurchase Program
March 10 2015 - 4:15PM
Seneca Foods Corporation (Nasdaq:SENEA) (Nasdaq:SENEB) announced
today that its Board of Directors has authorized an expanded share
repurchase program. The Company had previously announced a share
repurchase program. Under this previously announced program, the
Company still has available 584,814 shares to be repurchased as of
March 6, 2015. The new program permits the Company to buy up to a
total of 2,500,000 common shares, whether Class A or Class B
shares, in open market or privately negotiated transactions at the
discretion of management.
The transactions will be made in accordance with rules and
regulations of the U.S. Securities and Exchange Commission and
other rules that govern such purchases. The purchase of 2,500,000
shares of stock would represent approximately 23.3% of the shares
common stock outstanding or 22.8% assuming all convertible
preferred shares are converted to common shares.
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 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.
CONTACT: Timothy J. Benjamin, CFO
(315-926-8100)
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