Seneca Foods Corporation Signs Memorandum of Understanding to Acquire Independent Foods, LLC
MARION, N.Y., Nov. 8, 2012 /PRNewswire/ -- Seneca Foods Corporation (SENEA, SENEB), Underwood Fruit and Warehouse Company LLC, Independent Foods Processors Corporation, and Mt. Adams Orchards Corporation are pleased to announce that they have signed a Memorandum of Understanding contemplating an acquisition by Seneca Foods of the ownership interest of Independent Foods, LLC. The completion of the transaction is subject to the negotiation and execution of a definitive agreement between the parties, customary closing conditions, including regulatory, shareholder and lender approvals and satisfactory completion of due diligence. Terms of the deal were not disclosed.
About Seneca Foods Corporation
Seneca Foods is a processor of canned fruits and vegetables with manufacturing facilities located throughout the United States. Its products are sold under the Libby's, Aunt Nellie's Farm Kitchen, Stokely's, READ, Seneca Farms and Seneca labels as well as through the private label and industrial markets. In addition, under an alliance with General Mills Operations, LLC, a successor to the Pillsbury Company and a subsidiary of General Mills, Inc., Seneca produces canned and frozen vegetables which are sold by General Mills Operations, LLC 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 Independent Foods, LLC
Privately held and headquartered in Sunnyside, Washington, Independent Foods, LLC is a processor of canned pears, apples and cherries in the United States. Its product suite is sold via branded and private label items to the retail, foodservice and industrial markets. The company was founded in 1972.
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