MARION, N.Y., June 21 /PRNewswire-FirstCall/ -- Seneca Foods Corporation (the "Company") (Nasdaq: SENEA, SENEB) announced today that it has signed a letter of intent to acquire Unilink, LLC and its affiliated company, Lebanon Valley Cold Storage, LP, which primarily sell frozen fruits and vegetables in the packaged private label retail and food service channels.
Unilink, LLC is a wholly owned subsidiary of the Pennsylvania Food Group, LLC. It is headquartered in Lebanon, PA. Fiscal 2009 revenues were approximately $65 million.
"We believe Unilink is an excellent fit for Seneca as we expand our frozen private label and food service businesses. The company has been growing very rapidly over the past several years and operates a state-of-the-art facility that opened in 2008," stated Kraig Kayser, Seneca Foods' President and CEO.
"Unilink has developed a market presence in the frozen fruit and vegetable business due to the hard work of its employees. Our company will fit well into the Seneca Foods structure and we believe both companies will benefit from the relationship," stated Gary Gregory, Unilink, LLC's President.
The acquisition remains subject to both the signing of a definitive agreement and to customary closing conditions. It is expected that the acquisition will be completed within the next four weeks.
About Unilink, LLC and Lebanon Valley Cold Storage, LP
Unilink, LLC and Lebanon Valley Cold Storage, LP are privately held companies. Unilink was founded in May 2003 and distributes frozen products to customers located in the eastern United States. Lebanon Valley Cold Storage, LP operates a cold storage facility in Lebanon, PA.
About Seneca Foods Corporation
Seneca Foods is one of the country's largest processors 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, 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".
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 our filings with the SEC, including the disclosure under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. There can be no assurance that the acquisition will close on the expected schedule or that the acquisition 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