×

Seneca Foods Announces Termination of Definitive Agreement With Pacific Coast Producers

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 Seneca Foods Corporation

Seneca Foods is North America's leading provider of packaged fruit 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®, Green Valley®, 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.

About Pacific Coast Producers

Pacific 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)

Source:Seneca Foods Corporation; Pacific Coast Producers