Canned and frozen vegetable processorsSeneca Foods Corporation, Marion, N.Y., andAllens, Inc., Siloam Springs, Ark., said they are contemplating a merger of the two companies in a stock-for-stock transaction.
Officials said the deal remains subject to the negotiation and execution of a definitive agreement between the two parties, customary closing conditions, including regulatory, shareholder and lender approvals and satisfactory completion of due diligence. Terms were not disclosed.
Seneca Foods processes canned fruits and vegetables with manufacturing sites nationwide. 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. 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.
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.
Privately held Allens produces branded and private label items for retail, foodservice and industrial markets. Its key brands include: Allens, Veg-All, Fresh Like, Popeye, Trappeys, Sugary Sam and Princella. Allens, Inc. was founded in 1926.