Seneca Foods Announces Purchase of Assets Related to the Green Giant U.S. Shelf-Stable Business

Rhea-AI Summary

Seneca Foods Corporation (NASDAQ: SENEA, SENEB) has acquired the Green Giant U.S. shelf-stable business assets from B&G Foods and entered into a license agreement to use the Green Giant brand name for shelf-stable products. The sale excludes frozen and Canadian products. President Paul Palmby expressed excitement for the addition to their portfolio.

Positive

• Seneca Foods expands its canned vegetable offerings with the acquisition of Green Giant U.S. shelf-stable business assets.
• The company's long-standing co-manufacturing relationship with B&G Foods indicates a smooth transition and potential for continued success.

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• None.

FAIRPORT, N.Y., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) announced today that it has purchased assets related to the Green Giant U.S. shelf-stable business from B&G Foods. In connection with the sale, the Company has entered into a license agreement for use of the Green Giant brand name for Green Giant shelf-stable products. B&G Foods will retain ownership of the Green Giant trademarks. The sale does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand which will remain with B&G Foods.

“We are excited to add the iconic Green Giant brand and shelf-stable products to our portfolio of canned vegetable offerings,” said Paul Palmby, President and Chief Executive Officer of Seneca Foods Corporation. “Having co-manufactured much of this product for B&G Foods for many years, we have long admired the strength of the brand in the market and look forward to its continued success.”

About Seneca Foods Corporation

Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from approximately 1,400 American farms and are distributed to approximately 60 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Select Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.

Contact:

Michael Wolcott, Chief Financial Officer
585-495-4100

FAQ

What did Seneca Foods acquire from B&G Foods?

Seneca Foods acquired the Green Giant U.S. shelf-stable business assets from B&G Foods.

What products are excluded from the sale?

The sale does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand, which will remain with B&G Foods.

Who will retain ownership of the Green Giant trademarks?

B&G Foods will retain ownership of the Green Giant trademarks.

What did Paul Palmby, President of Seneca Foods, say about the acquisition?

Paul Palmby expressed excitement for the addition of the iconic Green Giant brand and shelf-stable products to Seneca Foods' portfolio.