SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 22, 1999
(November 18, 1999)
Seneca Foods Corporation
(Exact name of registrant as specified in its charter)
New York 0-1989 16-0733425
(State or other jurisdiction of (Commission (I. R. S. Employer
incorporation or organization) File Number) Identification No.)
1162 Pittsford-Victor Road, Pittsford, New York 14534
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 716/385-9500
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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Form 8-K
Seneca Foods Corporation
Item 5. Other Events
On November 18 1999, the Registrant acquired certain assets of the Midwest
private label canned vegetable business, of the Agrilink Foods, Inc., a wholly
owned subsidiary of Pro-Fac Cooperative. The Registrant purchased a plant and
equipment in Arlington, Minnesota and inventories of the acquired business. The
annual sales of this business are approximately $73 million. The purchase price
was approximately $48 million, partially funded by a subordinated note for
$4,978,072 and the balance paid in cash.
The Registrant also entered into a commitment to purchase Agrilink Food's
Cambria, Wisconsin plant if Agrilink elects to sell that plant to the Registrant
before a prescribed date. Agrilink has concurrently entered into a letter of
intent to sell the Cambria plant to another buyer.
Item 7. Financial Statements and Exhibits
The Press Release announcing the purchase from Agrilink Foods, Inc. is attached
hereto as Exhibit 20.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Seneca Foods Corporation
(Registrant)
/s/Kraig H. Kayser
November 22, 1999 Kraig H. Kayser
President and
Chief Executive Officer
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Exhibit 20
FOR IMMEDIATE RELEASE
contacts:
Philip G. Paras, V. P., Finance Bea Slizewski, V.P. Communications
Seneca Foods Corporation Agrilink Foods
1162 Pittsford-Victor Road 90 Linden Oaks
Pittsford, N.Y. Rochester, N.Y.
(716) 383-4643 (716) 264-3189
AGRILINK FOODS COMPLETES SALE OF MIDWEST PRIVATE LABEL
CANNED VEGETABLE BUSINESS TO SENECA FOODS
ROCHESTER, NY, November 18, 1999...Agrilink Foods, a wholly owned
subsidiary of Pro-Fac Cooperative (Nasdaq:PFACP) and Seneca Foods Corporation
(Nasdaq:SENEA and SENEB) have completed the sale of Agrilink's Midwest private
label canned vegetable business to Seneca Foods. Included in this transaction is
Agrilink's Arlington, Minnesota facility. In a separate announcement on November
16, Agrilink reported that it has signed a letter of intent with Del Monte
Foods, San Francisco, to acquire Agrilink's Cambria, Wisconsin facility,
originally a part of the Seneca transaction. Agrilink will retain its Fond du
Lac, Green Bay and Hortonville, Wisconsin facilities. This transaction does not
include Agrilink's branded canned vegetables, Veg-All and Freshlike.
Terms of the agreement were not announced.
Agrilink Foods is a $1.5 billion dollar national food company which
processes and markets a variety of product lines of branded, private label and
foodservice products in 32 facilities located throughout the United States and
in Mexico. Included in Agrilink's portfolio are the Birds Eye, Veg-All,
McKenzie, Comstock and Wilderness brands. Pro-Fac Cooperative, an agricultural
marketing cooperative which consists of more than 600 member/growers, processes
fruits, vegetables and popcorn through its subsidiaries, Agrilink Foods and
AgriFrozen.
Seneca Foods Corporation is primarily a vegetable processing company
with manufacturing facilities located throughout the United States. Its products
are sold under the Libby's(TM), Aunt Nellie's Farm Kitchen(TM), and Seneca(TM)
labels as well as through the private label and industrial markets. In addition,
under an alliance with The Pillsbury Company, Seneca produces canned and frozen
vegetables, which are sold by Pillsbury under the Green Giant label.
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