TreeHouse Foods Completes Acquisition of Protenergy Natural Foods
OAKBROOK, Ill., May 30, 2014
OAKBROOK, Ill., May 30, 2014 /PRNewswire/ --TreeHouse Foods, Inc. (NYSE: THS)
today announced the completion of the previously announced acquisition of
Protenergy Natural Foods, an industry leading developer and manufacturer of
premium quality food and beverage products, namely private label broth, soups
and gravies. Protenergy Natural Foods had sales of approximately CAD $130
million for the twelve months ended December 31, 2013. TreeHouse
paidCAD$170 million(approximately US$150 million) in cash for the
business, subject to an adjustment for working capital, and financed the
transaction under its existing credit facility.
The Company confirmed that the transaction is expected to have approximately
$0.05 to $0.07 impact on 2014 earnings per share and to add approximately
$0.11 to $0.14 in EPS in 2015.
ABOUT PROTENERGY NATURAL FOODS
Protenergy Natural Foods Corporation is a technologically advanced innovative
manufacturer of premium quality natural food and beverage products. The
company is centrally located in the Greater Toronto area and provides
innovative product development expertise. Its state-of-the-art manufacturing
facility enables customers to receive products of the highest quality; costs
savings based on economies of scale and a highly efficient manufacturing
process; and improved shelf life due to process and fully integrated
operations. More information is available at www.protenergyfoods.com.
ABOUT TREEHOUSE FOODS
TreeHouse is a food manufacturer servicing primarily the retail grocery and
foodservice distribution channels. Our products include non-dairy powdered
creamers and sweeteners; condensed, ready to serve and powdered soups;
refrigerated and shelf stable salad dressings and sauces; powdered drink
mixes; single serve hot beverages; specialty teas; hot and cold cereals;
macaroni and cheese, skillet dinners, and other value-added side dishes and
salads; salsa and Mexican sauces; jams and pie fillings; pickles and related
products; aseptic sauces; and liquid non-dairy creamer. We believe we are the
largest manufacturer of pickles and non-dairy powdered creamer in the United
States, and the largest manufacturer of private label salad dressings,
powdered drink mixes, and instant hot cereals in the United States and Canada,
based on sales volume.
Additional information, including TreeHouse's most recent statements on Forms
10-Q and 10-K, may be found at TreeHouse Foods' website,
This press release contains "forward-looking statements." Forward-looking
statements include all statements that do not relate solely to historical or
current facts, and can generally be identified by the use of words such as
"may," "should," "could," "expects," "seek to," "anticipates," "plans,"
"believes," "estimates," "intends," "predicts," "projects," "potential" or
"continue" or the negative of such terms and other comparable terminology.
These statements are only predictions. The outcome of the events described
in these forward-looking statements is subject to known and unknown risks,
uncertainties and other factors that may cause TreeHouse or its industry's
actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements.
TreeHouse's Form 10-K for the year ended December 31, 2012 and other filings
with the SEC, discuss some of the factors that could contribute to these
differences. You are cautioned not to unduly rely on such forward-looking
statements, which speak only as of the date made, when evaluating the
information presented in this press release. TreeHouse expressly disclaims
any obligation or undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein, to reflect any change in its
expectations with regard thereto, or any other change in events, conditions or
circumstances on which any statement is based.
SOURCE TreeHouse Foods, Inc.
Contact: Investor Relations, 708.483.1300 Ext 1331
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