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Seneca Foods repurchases shares

By SMRITI JACOB - 8/31/2012 12:47:45 PM

Seneca Foods Corp. has repurchased shares in a private transaction totaling roughly $25 million, documents filed with the Securities and Exchange Commission show.

The deal involved the purchase of 864,334 shares from John Hancock Life Insurance Co. at $30 a share. As of Aug. 30, the company had more than 8 million shares of common stock outstanding after the transaction. Its closing share price (NasdaqGS: SENEA) was $28.61.

Seneca Foods’ board approved the repurchase, and the company is authorized to buy another 409,493 shares in the open market or in privately negotiated transactions, the SEC documents state. 

Seneca Foods ranked 30th on the most recent Rochester Business Journal list of manufacturers with 180 local workers.

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