U.S. Markets open in 5 hrs 12 mins

Wired News – Seneca Foods Finalizes Acquisition of Maraschino Cherry Business from Burnette Foods

LONDON, UK / ACCESSWIRE / February 06, 2018 / Active-Investors.com has just released a free research report on Seneca Foods Corp. - Class B (NASDAQ: SENEB) ("Seneca"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SENEB as the Company's latest news hit the wire. On February 02, 2018, the Company announced that it has completed the acquisition of maraschino cherry business from Burnette Foods, Inc. The financial details and other terms of the deal were not disclosed.Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Seneca Foods most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=SENEB

Key Highlights of the deal

Burnette Foods' maraschino cherry business is based in Traverse City, Michigan and the acquisition will allow Seneca to supplement its existing maraschino operations. Simultaneously, Burnette Foods will be able to expand its core business. Burnette Foods offers three varieties of maraschino cherries - Red Maraschinos, Red Maraschinos with Stems, and Green Maraschinos - and in different container and packaging options. Its products are kosher certified and are available for Private Label Retail, Food Service, and Packer Brands.

Seneca has been strengthening its maraschino cherries business via select strategic acquisitions over the years. In February 2016, its subsidiary, Gray & Co. had acquired Santa Clara, California-based Diana Fruit Co., Inc., one of the leading providers of maraschino cherries and fruit cocktail cherries. Interestingly, Seneca had acquired Hart, Michigan-based Gray & Co., in November 2015. Gray & Co. is the world's leading provider of maraschino cherries and one of the largest providers of glace or candied fruit products.

Management Comments

Commenting on the acquisition, Kraig Kayser, Seneca's President and CEO, said:

"Burnette's maraschino business has a history of providing quality maraschino cherry products to their customers. We are very excited about this acquisition as it is a nice complementary fit with Seneca's existing cherry business."

William R. Sherman, CEO of Burnette Foods, added:

"We are pleased to be able to sell our maraschino business to a high-quality food producer as is Seneca. Maraschinos are a small part of our total sales and this transaction will enhance our ability to concentrate on our core business lines of shelf stable fruit fillings, apple products, vegetables and juices. We will continue to explore new products for our existing red tart and dark sweet cherry offerings."

About Seneca Foods Corp.

Seneca is one of the leading provider of packaged fruits and vegetables in North America and sources its high-quality products from over 2,000 American farms. Apart from the core business of packaged fruit and vegetables, its product portfolio includes snack chips, sauces, gravies, and natural coloring agents. Seneca has captured a major market share of the retail private label, food service, and export canned vegetable markets. It also sells its products under brands like Libby's®, Aunt Nellie's®, Green Valley®, CherryMan®, READ®, Seneca Farms®, and Seneca labels, including Seneca snack chips. Additionally, the Company provides contract packing services through its wholly owned subsidiary Truitt Bros., Inc. It also provides vegetable products under the Green Giant label as per a contract packing agreement with B&G Foods North America. The Company has 21 processing plants throughout the Northeast, Midwest, and Northwest and distributes its products to over 90 countries.

About Burnette Foods, Inc.

Burnette's is a family-owned Company and one of the largest producers of shelf-stable fruits and vegetables in the US. The Company started off as a cherry farm in East Jordan, Michigan and has grown by reinvesting in the business through acquisitions and organic growth. The Company's products include apple cider, applesauce, canned apples and fruit, canned, dry pack beans, canned vegetables, fruit fillings and toppings, fruit juices, meat items, and salads and pumpkin. The Company has processing facilities concentrated in the western border of Michigan including at East Jordan, Elk Rapids, New Era, Hartford, Traverse City, and Burnette Farms each of which specializes in a specific product set. The Hartford location produces apple products and fruit juices, the Elk Rapids plant produces fruit fillings and apple slices, the New Era plant produces vegetable products and the East Jordan plant produces a combination of vegetable and fruit products. The Company is primarily a private label producer and its customers include major retailers, wholesale food producers and the USDA.

Stock Performance Snapshot

February 02, 2018 - At Friday's closing bell, Seneca Foods' stock ended the trading session flat at $34.00.

Stock performance in the last month – up 2.26%; and past twelve-month period – up 7.60%

After Friday's close, Seneca Foods' market cap was at $64.07 million.

Price to Earnings (P/E) ratio was at 81.53.

The stock is part of the Consumer Goods sector, categorized under the Processed & Packaged Goods industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors