March 2 (Reuters) - Landec Corp (LNDC.O)

* Landec Corp says has entered into a definitive agreement to purchase O Olive Oil Inc ("O Olive") for $2.5 million in

* Landec Corporation announces strategic acquisition of O Olive Oil to expand into adjacent natural food product segment

* Landec Corp says expect business to be accretive in fiscal year 2018

* Landec Corp says for FY 2017, we expect net negative impact to net income of approximately $200,000, primarily from acquisition and integration related costs

* Landec Corp says O Olive will continue to be managed by its existing management team and retain its headquarters and operations at its Petaluma, CA facility

* Landec Corp says O Olive's gross margin for 12 months ended May 2017 is projected to be about 33%; expect to increase margins in upcoming years

* Landec Corp says see an immediate opportunity to significantly increase O Olive revenues in Landec's fiscal year 2018

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