US: Seneca Foods eyes acquisition of canned food peer Independent Foods
The companies have yet to finalise deal
US canned food firm Seneca Foods has announced it could buy local peer Independent Foods.
Seneca Foods said it had signed an MOU "contemplating an acquisition" of the company, which makes branded and own-label canned fruit.
Any deal remains subject to a "definitive agreement" between the two sides, as well as the usual shareholder and regulatory approvals.
Last year, Seneca Foods moved to merge with canned veg firm Allens but after months of talks the idea was scrapped.
Seneca Foods makes products under brands including Libby's, Stokely's and Seneca Farms. It manufactures private-label lines and also makes canned and frozen vegetables for General Mills, which the US food giant then sells under the Green Giant brand.
Seneca Foods Corporation Signs Memorandum of Understanding to Acquire Independent Foods, LLC
MARION, N.Y., Nov. 8, 2012 /PRNewswire/ -- 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.
About Seneca Foods Corporation
Seneca Foods is a processor of canned fruits and vegetables with manufacturing facilities located throughout the United States. Its products are sold under the Libby's, Aunt Nellie's Farm Kitchen, Stokely's, READ, Seneca Farms and Seneca labels as well as through the private label and industrial markets. In addition, under an alliance with General Mills Operations, LLC, a successor to the Pillsbury Company and a subsidiary of General Mills, Inc., Seneca produces canned and frozen vegetables which are sold by General Mills Operations, LLC 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 Independent Foods, LLC
Privately held and headquartered in Sunnyside, Washington, Independent Foods, LLC is a processor of canned pears, apples and cherries in the United States. Its product suite is sold via branded and private label items to the retail, foodservice and industrial markets. The company was founded in 1972.
Original source: Seneca Foods
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