Post Holdings Updates on Klingerstown, PA Michael Foods Plant Fire and Reports Municipal Water Boil Order at its Michael Food...
June 05 2018 - 6:00PM
Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding
company, previously reported a fire took place on the evening of
May 24, 2018 at its Michael Foods precooked egg plant location in
Klingerstown, PA. All employees were safely evacuated and no
injuries were reported. The cause of the fire, which started in the
duct work of an oven, is continuing to be investigated.
Certain parts of the Klingerstown plant continue to operate.
Fire damage, which was primarily to the roof and electrical
infrastructure in the oven area, is being repaired. As of June 1,
partial production returned to the oven area. Other oven production
areas are expected to progressively be brought back into service
with completion expected by mid-July.
In a separate, unrelated incident, on June 1, 2018 a water boil
order was issued by the municipal water association servicing the
company’s Lenox, IA precooked egg facility necessitating a shutdown
of that facility. The boil order, which affects eight counties,
continues in effect. Michael Foods is working closely with water
association officials and several government agencies to develop a
plan that will enable the plant to restart operations. Michael
Foods currently expects to restart partial operations on June 7
using a combination of heat treatment and water filtration. Normal
municipal water service and in turn full scale operations are not
expected before June 11.
Post management is in the process of assessing the financial
impact of both incidents. While underlying egg product demand
remains strong, the business disruption at the two facilities will
result in some service level issues and ultimately lost sales
revenue. These revenue losses will be mitigated to the extent
possible by using existing product inventories, maximizing use of
other precooked egg facility assets and collaborating with our
customers.
Forward Looking Statements
Forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, are made throughout this press release. These
forward-looking statements are sometimes identified from the use of
forward-looking words such as “believe,” “should,” “could,”
“potential,” “continue,” “expect,” “project,” “estimate,”
“predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,”
“target,” “is likely,” “will,” “can,” “may,” or “would” or the
negative of these terms or similar expressions elsewhere in this
release. All forward-looking statements are subject to a number of
important factors, risks, uncertainties and assumptions that could
cause actual results to differ materially from those described in
any forward-looking statements. These factors and risks include,
but are not limited to, the amount and timing of any insurance
recovery, the timing to resume production both in Klingerstown and
Lenox and other financial, operational and legal risks and
uncertainties detailed from time to time in Post’s cautionary
statements contained in its filings with the Securities and
Exchange Commission. These forward-looking statements represent
Post’s judgment as of the date of this press release. Post
disclaims, however, any intent or obligation to update these
forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a
consumer packaged goods holding company operating in the
center-of-the-store, refrigerated, foodservice, food ingredient,
active nutrition and private brand food categories. Through its
Post Consumer Brands business, Post is a leader in the North
American ready-to-eat cereal category offering a broad portfolio
including recognized brands such as Honey Bunches of Oats®,
Pebbles™, Great Grains® and Malt-O-Meal® bag cereal. Post also is a
leader in the United Kingdom ready-to-eat cereal category with the
iconic Weetabix® brand. As leader in refrigerated foods, Post
brings innovative, value-added egg and refrigerated potato products
to the foodservice channel and the retail refrigerated side dish
category, offering side dishes and egg, sausage and cheese products
through the Bob Evans®, All Whites®, Better’n Eggs®, Simply
Potatoes® and Crystal Farms® brands. Post’s Active Nutrition
platform aids consumers in adopting healthier lifestyles through
brands such as Premier Protein®, PowerBar® and Dymatize®. Post’s
Private Brands business manufactures private brand nut butter,
healthy snacks and pasta. For more information, visit
www.postholdings.com.
Contact:
Media RelationsLisa Hanlylisa.hanly@postholdings.com(314)
665-3180
Investor RelationsJennifer
Meyerjennifer.meyer@postholdings.com(314) 644-7665
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