A statement was issued on Friday (2 September) to announce that the two companies had “terminated” the negotiations but no details were provided for why the talks had stopped.
Seneca Foods makes products under brands including Libby’s, Stokely’s and Seneca Farms. It manufacturers 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.
In May, Seneca Foods posted a slump in annual profits on the back of lower sales. For the year to the end of March, net profit fell 63.5% to US$17.7m. The company’s EBITDA tumbled, down from $106.7m to $54.4m. Net sales dropped 6.7% to $1.19bn.