Seneca Foods

Seneca Foods Corporation

Company type	Public
Traded as	Nasdaq: SENEA (Class A) Nasdaq: SENEB (Class B) Russell 2000 Component (SENEA)
Industry	Canned foods, snacks, air charter
Founded	1949 (1949)
Headquarters	Fairport, New York, USA
Key people	Arthur S. Wolcott (chairman) Paul L. Palmby (president and CEO)
Products	Canned and frozen fruits and vegetables, snacks
Revenue	$1,245,681,000 US (2017)
Operating income	$29,121,000 US (2017)
Net income	$12,613,000 US (2017)
Number of employees	3,200 full-time, 9,700 seasonal (2009)
Website	senecafoods.com

Seneca Foods Corporation is an American food processor and distributor headquartered in Fairport, New York, United States. Seneca Foods Corporation conducts its business almost entirely in food packaging, which contributed to about 98% of the company's fiscal year net sales in 2017. Canned vegetables represented 65%, fruit products represented 23%, frozen fruit and vegetables represented 11% and fruit chip products represented 1% of the total food packaging net sales. Non-food packaging sales, which were primarily related to the sale of cans and ends, and outside revenue from the company's trucking and aircraft operations, represented 2% of the fiscal year 2017 net sales. Approximately 12% of the company's packaged foods were sold under its own brands, or licensed trademarks, including Seneca, Libby's, Aunt Nellie's, CherryMan, Green Valley, Read, and Seneca Farms. About 52% of the packaged foods were sold under private labels and 26% was sold to institutional food distributors. The remaining 10% was sold under a contract packing agreement with B&G Foods North America under the Green Giant label.

History

The company was founded in 1949 in Dundee, New York, by Cornell University business student Arthur S. Wolcott. In the 1950s, Seneca contracted with Minute Maid to co-pack the first frozen grape juice in the nation. Apple processing, specialty syrups and maraschino cherries were added to the product line. The development of private label, bulk, industrial and co–pack segments also took place during this time. Fruit processing remained the primary focus for the next several decades.

During the 1960s, the company expanded with new plants and products, including the nation's first frozen apple juice concentrate, under the Seneca brand. The corporate name was changed from Seneca Grape Juice Company to Seneca Foods Corporation. During this time, the Prosser, Washington, plant was opened for the production of applesauce and fruit juices, and the company added brokers and expanded distribution. Seneca stock began trading in the over-the-counter market, and apple juice enriched with vitamin C was introduced – a first in the industry.

The company grew in the 1970s through acquisitions of companies in the food distribution, canned vegetable, glass, paint and textile businesses. Through one of these acquisitions, Julius G. Kayser joined Seneca and played a key role in the company's growth until his death in 1988. The corporate name was changed to S.S. Pierce Company, and production of metal cans began.

During the 1980s, the corporate name changed back to Seneca Foods Corporation, and the company consolidated most of its non-food operations and focused on its fruit and vegetable lines. The company produced the first natural frozen grape juice and expanded the juice line into white grape, cranberry and cranberry blends. The company entered the private label retail and food service vegetable business in the Midwest and began producing IQF frozen vegetables for the food service and industrial markets.

In the 1990s, through further acquisitions and internal growth, Seneca became the world's largest processor of canned vegetables. The company acquired six plants from Pillsbury and entered into an alliance with them to manufacture products under the Green Giant label. At the end of the decade, the company sold its juice and applesauce operations and raised capital with a shareholder rights offering. It expanded to global markets and purchased an apple chip business. Seneca Flight Operations also became the fixed-base operator at the Penn Yan, New York, Airport, and a hangar complex was constructed.

Acquisitions

1950s

• Hudson Valley Pure Food Co.
• Hilton Fruit Co-op
• North Wayne Co-op
• Westfield Maid Co-op

1960s

• Broody Vineyards

1970s

• Lehman Bros.
• Castle Hansen
• S.S. Pierce Company and subsidiaries
• Marion Canning
• Fruit Belt Preserving Co.
• Seneca Kraut
• Perfection Foods

1980s

• Libby's canned vegetable business
• Stokely vegetables from Quaker Oats Company

1990s

• TreeSweet, Orange Plus, and Awake juice brands
• Blue Boy, Aunt Nellie's, and Lohmann vegetable brands
• Liberty Fruit Company 1997 (now closed)

2000s

• Chiquita Processed Foods
• Signature Fruit Company

2010s

• Paradise Fruit

2020s

• B&G Foods' Green Giant U.S. Shelf-Stable Product Line

Corporate governance

Current members of the board of directors of Seneca are Arthur S. Wolcott, Kraig H. Kaiser, Arthur H. Baer, Andrew M. Boas, Robert T. Brady, Douglas F. Brush, G. Brymer Humphreys, Thomas Paulson, and Susan W. Stuart.

External links

• Official website
• http://www.senecafoods.com/sites/default/files/2017-11/Seneca%20Annual%20Report_web.pdf