Seneca Foods, Monsanto Announce Long-Term Tolling Agreement to Drive Efficiencies in Vegetable Large Seed Processing
August 04 2016 - 4:15PM
Monsanto Company (NYSE:MON) and Seneca Foods Corporation
(NASDAQ:SENEA) (NASDAQ:SENEB) announced today a 10-year tolling
agreement for vegetable large seed processing operations in the
United States. Large seed refers to vegetable crops such as peas,
beans and sweet corn, and manufacturing services provided by Seneca
will include receiving, conditioning and treating, as well as
packaging, storage and demand fulfillment of Monsanto’s vegetable
seed products.
As a part of the agreement, which is effective immediately,
Seneca purchased Monsanto's vegetable seed processing facility in
Nampa, Idaho, extending employment opportunities to all
manufacturing employees currently employed at the site.
“We believe this agreement will deliver improved efficiencies
for both companies by combining our seed processing volumes,”
stated Kraig Kayser, Seneca Foods’ President and CEO. “Like Seneca,
Monsanto is a company defined by employees committed to supporting
farmers and agriculture throughout the world. I’m proud to welcome
the Nampa team as the newest members of our organization.”
Vegetable large seed processing operations at Monsanto's site in
Warden, Washington, will transfer to Seneca’s facility in Dayton,
Washington. The transition will take place over the next few
months, with Monsanto expecting its Warden site to cease operations
by the end of calendar year 2016.
About Seneca Foods CorporationSeneca 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®, Cherryman®, Aunt Nellie’s®, READ®, Seneca Farms® and
Seneca labels, including Seneca snack chips. 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 MonsantoMonsanto is committed to bringing a broad range of
solutions to help nourish our growing world. We produce seeds for
fruits, vegetables and key crops – such as corn, soybeans, and
cotton – that help farmers have better harvests while using water
and other important resources more efficiently. We work to find
sustainable solutions for soil health, help farmers use data to
improve farming practices and conserve natural resources, and
provide crop protection products to minimize damage from pests and
disease. Through programs and partnerships, we collaborate with
farmers, researchers, nonprofit organizations, universities and
others to help tackle some of the world’s biggest challenges. To
learn more about Monsanto, our commitments and our more than 20,000
dedicated employees, please visit: discover.monsanto.com and
monsanto.com. Follow our business on Twitter® at
twitter.com/MonsantoCo, on the company blog, Beyond the
Rows® at monsantoblog.com or subscribe to our News Release RSS
Feed.
For more information:
Seneca Foods Corporation: Timothy J Benjamin, CFO, 315-926-8100
Monsanto Company: Ben Eberle, 314-694-6397
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