Seneca Foods Completes the Acquisition of Diana Fruit Company

MARION, N.Y. and SANTA CLARA, Calif., Feb. 17, 2016 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (“Seneca”) (NASDAQ: SENEA) (NASDAQ: SENEB) and Diana Fruit Co., Inc. (“Diana”) announced today that Seneca’s subsidiary, Gray & Company, has completed the acquisition of Diana. This business, based in Santa Clara, California, is one of the leading providers of maraschino cherries and fruit cocktail cherries. Its product suite is sold via foodservice and industrial markets.

“Diana has a 90 year history of providing high quality cherry products to their customers. We are pleased about this acquisition and the extension of product offerings it brings to our company. Diana will be a very complementary fit with our recent acquisition of Gray & Company,” stated Kraig Kayser, Seneca Foods' President and CEO.

John T. Stout, Jr., Diana’s Chairman of Board, stated: “After twenty-five years of ownership we are excited about the future of Diana Fruit Company in combination with Seneca’s leadership, ownership and recent acquisition of Gray & Company. This transaction offers the best opportunity for our customers, growers, and shareholders, while also allowing our senior leaders to grow the business with a larger organization in a similar culture.”

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 Diana Fruit CompanyDiana Fruit Company was founded in 1921 in Santa Clara, California by Alexander Diana, a young immigrant from Yugoslavia and northern Italy that had a passion for making the highest quality of maraschino cherries by selecting only the finest cherries at the right maturity. In 1957, Eugene C. Acronico, the grandson of the founder, took the leadership of the company, and passed that role to Tom Klevay three years ago. After 13 years of ownership under Holly Farms and one year under Tyson Foods, a group led by John T. Stout purchased Diana Fruit in 1990. Today, Diana Fruit Company is the largest processor of cherries for fruit cocktail and the 3rd largest supplier of maraschino cherries in the United States, and continues to take pride in producing the finest maraschino and fruit cocktail cherries in the world.

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 Officer
Seneca Foods Corporation
315-926-8100

Thomas Klevay, Chief Executive Officer
Diana Fruit Co. Inc.
408-727-9631

Source: Seneca Foods Corporation; Diana Fruit Co., Inc.

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