Seneca Foods Completes the Acquisition of Paradise, Inc.’s Fruit Business
July 31 2019 - 4:15PM
Seneca Foods Corporation (“Seneca”) (NASDAQ: SENEA, SENEB) and
Paradise, Inc. (“Paradise”) (OTCPink: PARF) announced today that
Seneca has completed the acquisition of Paradise’s fruit
business. This business, based in Plant City, Florida, is one
of the leading providers of candied fruit products. Its
product suite is sold to manufacturing bakers, institutions and
retailers for use in home baking.
“Paradise has a long history of providing high
quality candied fruit products to their customers. We
are very excited about this acquisition and the extension of
product offerings it brings to our company. This business
segment will be a complimentary fit within our maraschino business
at our wholly own subsidiary Gray & Company,” stated Kraig
Kayser, Seneca Foods' President and CEO.
Randy S. Gordon, Paradise President and CEO stated: “We are
pleased and excited that Seneca Foods has acquired our candied
fruit division. With Seneca’s vast network and expertise, we are
certain they will be able to improve our business growth as
Paradise continues to be the nation’s leader in our business
category.”
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®, READ®, Cherryman® and
Seneca labels, including Seneca snack chips. In addition,
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 Paradise, Inc.Paradise,
Inc. is primarily engaged in producing, packing and distributing
candied fruit to manufacturing bakers, institutions and retailers
for use in home baking, as well as in the production of plastic
containers for its own retail products and thermoformed and molded
plastics for sale to unaffiliated customers.
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
Randy S. Gordon, President and Chief Executive
OfficerParadise, Inc.813-752-1155
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