MARION, N.Y. and HART, Mich., Nov. 02, 2015 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (the “Company”) (NASDAQ:SENEA) (NASDAQ:SENEB) and Gray & Company announced today that Seneca has completed the acquisition of Gray & Company. This business, based in Hart, Michigan, is the world’s leading provider of maraschino cherries and one of the largest providers of glace or candied fruit products. Its product suite is sold via branded and private label items to the retail, club stores, foodservice and industrial markets.
“We believe that these operations are a complementary fit with our existing canned fruit business. We are very excited about this acquisition and the extension of product offerings it brings to our company,” stated Kraig Kayser, Seneca Foods' President and CEO. “On behalf of the entire Seneca team, I welcome them to the organization.”
James Reynolds, 72, has led the growth of Gray as CEO and principal owner since 1981.
“After 34 years at the helm, it is high time for me to secure the bright future of our business by transferring leadership and ownership to a much larger organization with a compatible culture and business to propel us for the next 35 years,” Reynolds commented. “This union with Seneca is a very good day indeed for our employees, growers and customers. I am delighted!”
About Seneca Foods Corporation
Seneca Foods is North America’s leading provider of packaged fruits 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®, Aunt Nellie’s®, READ®, 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 in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.
About Gray & Company
Founded in 1908 in Portland, Ore., Gray & Company is a privately held corporation with more than a century of tradition as a fruit processor, and today stands as the world’s largest producer of maraschino cherries. Gray & Company has processing facilities in Oregon and Michigan, from which they serve North America and markets around the globe.
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.
Contact: Timothy J. Benjamin, Chief Financial Officer 315-926-8100
Source:Seneca Foods Corporation