April 1, 2014
/PRNewswire/ -- Seneca Foods Corporation (the "Company") (NASDAQ: SENEA, SENEB) and
Peter W. Truitt
have entered into a Share Purchase Agreement whereas the Company has acquired Peter's 50% ownership interest in
., Inc., and directly related holdings. The effective date of the transaction is April, 1, 2014. The management of
., Inc. will remain unchanged. The remaining terms of the Share Purchase Agreement are currently not being disclosed.
In addition to the aforementioned Share Purchase Agreement, the Company also entered into an Agreement with
and other shareholders. This Agreement grants the Company the right to acquire the remaining 50% ownership of
., Inc. at a future point in time.
"We are very excited about our investment in
. Truitt Bros. is a leader in developing shelf stable meals in trays and pouches," stated
, Seneca Foods' President and CEO. "On behalf of the
team, we look forward to working with David and the entire
. Inc. President and CEO stated that, "We are pleased with
. We have known
for years, and share similar backgrounds and interests in food processing. We have high regards for their organization, and we look forward to the future with Seneca Foods being our partner."
About Seneca Foods Corporation
Seneca Foods is
leading provider of packaged fruits and vegetables, with facilities located throughout
the United States
. Its high quality products are primarily sourced from over 3,000 American farms.
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
snack chips. In addition,
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.
About Truitt Bros., Inc.
Co-founded and operated by brothers David and
. is a third-generation family-owned food processor with operations in
East Bernstadt, Kentucky
. Leaders in bringing quality and innovation to the industry, the company provides shelf stable products for a wide variety of establishments, from restaurants and businesses to health care and retailers. As part of their commitment to preservation of natural resources, as well as positive employee relations and environmentally responsible manufacturing practices,
. became the first food processor in the country to earn Food Alliance certification in May of 2006. In 2010, the company was recognized as one of
leaders in sustainable approaches to business and honored by Governor Kulongoski with an Oregon Sustainability Award.
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.