Seneca Foods Completes the Acquisition of Burnette Foods Maraschino Cherry Business
February 02 2018 - 11:00AM
Seneca Foods Corporation (“Seneca”) (NASDAQ:SENEA) (NASDAQ:SENEB)
and Burnette Foods, Inc. (“Burnette”) announced today that Seneca
has completed the acquisition of Burnette’s maraschino cherry
business. This business is based in Traverse City, Michigan and
allows Seneca to supplement its existing maraschino operations and
Burnette to enhance its core business.
“Burnette maraschino business has a history of
providing quality maraschino cherry products to their customers.
We are very excited about this acquisition as it is a nice
complementary fit with Seneca’s existing cherry business,” stated
Kraig Kayser, Seneca Foods' President and CEO.
“We are pleased to be able to sell our
maraschino business to a high quality food producer as is
Seneca. Maraschinos are a small part of our total sales and
this transaction will enhance our ability to concentrate on our
core business lines of shelf stable fruit fillings, apple products,
vegetables and juices. We will continue to explore new
products for our existing red tart and dark sweet cherry
offerings,” according to William R. Sherman, CEO of Burnette Foods,
Inc.
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®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®,
Seneca Farms® and Seneca labels, including Seneca snack
chips. In addition, Seneca provides contract packing services
mostly through its wholly owned subsidiary Truitt Bros., Inc. Also,
Seneca provides vegetable products under a contract packing
agreement with B&G Foods North America, 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 Burnette Foods,
Inc.Burnette Foods, Inc. is a family owned producer of
shelf stable fruit and vegetable offerings operating out of four
plants on the western side of Michigan. Beginning as a cherry farm
in East Jordan, Michigan, Burnette has continually invested back
into its business through acquisitions and organic growth. Each of
its plants specialize in their own product sets with the Hartford
location producing apple products and fruit juices, the Elk Rapids
plant producing fruit fillings and apple slices, the New Era plant
producing vegetable products and the East Jordan plant doing a
combination of vegetable and fruit products. The company is
primarily a private label producer for its customers which include
major retailers, wholesale food producers and the USDA. Burnette
sources its fruit and vegetable products primarily in the upper
Midwest.
Forward-Looking
StatementsStatements 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.
Contacts: Timothy J. Benjamin, Chief Financial
OfficerSeneca Foods Corporation315-926-8100
John E. Pelizzari, COOBurnette Foods,
Inc.231-264-8116
Seneca Foods (NASDAQ:SENEB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seneca Foods (NASDAQ:SENEB)
Historical Stock Chart
From Apr 2023 to Apr 2024