Seneca Foods Corp. and Allens Inc. have signed a Memorandum of Understanding contemplating a merger of the two companies in a stock-for-stock transaction. The completion of the transaction is 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 of the deal, announced July 22, were not disclosed.
Seneca Foods in Marion, N.Y., is a processor of canned fruits and vegetables with manufacturing facilities located throughout the United States. 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. In addition, under an alliance with General Mills Operations LLC, a successor to the Pillsbury Co. and a subsidiary of General Mills, Seneca produces canned and frozen vegetables sold under the Green Giant label.
Privately held and headquartered in Siloam Springs, Ark., Allens is a processor of canned and frozen vegetables in the United States. Its product suite is sold via branded and private label items to the retail, foodservice and industrial markets. Key brands include Allens, Veg-All, Fresh Like, Popeye, Trappeys, Sugary Sam and Princella.