MARION, N.Y., May 28, 2015 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (Nasdaq:SENEA) (Nasdaq:SENEB) and Pacific Coast Producers announced today that the asset purchase agreement between the two companies has been terminated, and that Pacific Coast Producers will not be acquiring the Modesto, California facility and associated business from Seneca Foods. Both companies received a "second request" letter from the Department of Justice on Tuesday, May 26. In light of the delay associated with the request, both companies agreed that it was in our mutual best interests to terminate the agreement, and focus our efforts on upcoming production season. Dan Vincent, CEO of Pacific Coast Producers, and Kraig Kayser, CEO of Seneca Foods jointly said "it is a discouraging outcome given the many very real challenges facing our industry; however our immediate priority must be to focus on the pack as the harvest is just weeks away."
About Pacific Coast ProducersPacific Coast Producers is a grower owned agricultural cooperative formed in 1971, and headquartered in Lodi, CA. PCP processes and packages fruits and tomatoes for retail, foodservice and industrial markets under private label brands. The cooperative grows and packages its fruits and tomatoes in Northern California, with plants in Woodland, Lodi and Oroville, California, for distribution to all of the major retail grocery stores and foodservice markets in the U.S.
CONTACT: Seneca Foods Contact: Timothy J. Benjamin, CFO (315-926-8100) Pacific Coast Producers Contact: Matt Strong, CFO (209-367-8800)