Landec Corporation and its subsidiaries design, develop, manufacture, and market differentiated products in food and biomedical materials markets, and license technology applications to partners. The company is focused on health and wellness solutions and applications within the packaged food and biomaterial markets. In its Apio, Inc. (Apio) food business, the company is committed to offering healthy, fresh produce products conveniently packaged to consumers. Apio also exports whole fruit and vegetables, predominantly to Asia through its subsidiary, Cal Ex Trading Company (Cal-Ex). In its Lifecore Biomedical, Inc. (Lifecore) biomaterials business, the company commercializes products that enable people to stay more active as they grow older. Segments The company operates through three operating segments: Food Products Technology, Food Export, and Hyaluronate (HA)-based Biomaterials. Food Products Technology This segment combines the company’s proprietary BreatheWay food packaging technology with the capabilities of a large national food supplier and value-added produce processor, which sells products under the Eat Smart and GreenLine brands and under private labels. In Apio’s value-added operations, produce is processed by trimming, washing, mixing, and packaging in bags and trays that in most cases incorporate Landec’s BreatheWay membrane technology. The BreatheWay membrane increases shelf life and reduces shrink (waste) for retailers and helps ensure that consumers receive fresh produce by the time the product makes its way through the supply chain. Apio also licenses the BreatheWay technology to partners such as Chiquita Brands International, Inc. (Chiquita) for packaging and distribution of bananas and to Windset Holding 2010 Ltd., a Canadian corporation (Windset), for packaging of greenhouse grown cucumbers and peppers. Based in Guadalupe, California, Apio’s primary business is fresh-cut and whole value-added products typically packaged in the company’s proprietary BreatheWay packaging. Apio’s fresh-cut value-added products business markets various fresh-cut and whole vegetables to the top retail grocery chains, club stores and food service operators. During the fiscal year ended May 31, 2015, Apio shipped approximately 32 million cartons of produce to its customers throughout North America, primarily in the United States. Most vegetable products packaged in the company’s BreatheWay packaging have 17 to 20 days of shelf life. In addition to packaging innovation, Landec’s Apio food business develops blends and combinations of vegetables that are sold in flexible film bags or rigid trays. The company has launched a family of salad kits that are comprised of superfood mixtures of vegetables with healthy toppings/dressings. Additionally, the company launched various other superfood salad kits, including Ginger Bok Choy, Wild Greens and Quinoa, Beets and Greens, Kale and Chard Stir Fry and Shanghai Stir Fry. In addition to proprietary packaging technology and a new product development pipeline, the company has channels of distribution throughout North America with retail grocery store chains and club stores. The company sells its products under the nationally-known brands EatSmart and GreenLine. The company also periodically licenses its BreatheWay packaging technology to partners, such as Chiquita for packaging bananas and to Windset for packaging peppers and cucumbers that are grown hydroponically in greenhouses. These packaging license relationships generate revenues either from product sales or royalties once commercialized. The company engages in the testing and development of other BreatheWay products. Landec manufactures its BreatheWay packaging through selected qualified contract manufacturers. Windset Windset owns and operates greenhouses in British Columbia, Canada and in Nevada and California. In addition to growing produce in its own greenhouses, Windset has various marketing arrangements with other greenhouse growers and utilizes buy/sell arrangements to meet fluctuation in demand from their customers. Food Export This segment’s business is operated by Apio. This segment pur
landec corp (LNDC:NASDAQ GS)
3603 Haven Avenue
Menlo Park, CA 94025
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