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Slide #93. Seneca Foods Corporation — Independent Foods, LLC
Seneca Foods Corporation (NASDAQ:SENEA)
Independent Foods, LLC
Seneca Foods Corporation (SENEA, SENEB), Underwood Fruit and Warehouse Company LLC, Independent Foods Processors Corporation, and Mt. Adams Orchards Corporation are pleased to announce that they have signed a Memorandum of Understanding contemplating an acquisition by Seneca Foods of the ownership interest of Independent Foods, LLC. The completion of the transaction is subject to the negotiation and execution of a definitive agreement between the parties, customary closing conditions, including regulatory, shareholder and lender approvals and satisfactory completion of due diligence. Terms of the deal were not disclosed.
Seneca Foods is a provider of packaged vegetables. Co.'s product offerings include canned, frozen and bottled produce and snack chips and its products are sold under private label as well as national and regional brands that Co. owns or licenses, including Seneca®, Libby's®, Aunt Nellie's®, READ®, Green Valley® and CherryMan®. Co. manages its business on the basis of the following reportable segments: packaging and sale of vegetables; packaging and sale of prepared food products; packaging and sale of snack products; and other products. The first three segments constitute the food operation. The non-food operation is related to the sale of cans and Co.'s trucking and aircraft operations.
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