OAK BROOK, Ill., Jan. 13, 2020 /PRNewswire/ -- TreeHouse Foods,
Inc. (NYSE: THS) today announced that it entered into a definitive
agreement on January 10 to sell two
of its in-store bakery facilities located in Fridley, Minn. and Lodi, Calif. to Rich Products Corporation, a
family-owned food company with more than 11,000 associates,
operating on six continents, in more than 100 countries around the
globe. The Fridley and
Lodi plants manufacture breads,
rolls and cakes for in-store retail bakeries and foodservice
customers. The transaction is subject to customary closing
conditions and is expected to close by April
10, 2020. Financial terms of the transaction were not
disclosed.
"The sale of the Fridley and
Lodi facilities allows us to
sharpen our focus at TreeHouse, and importantly, creates an
opportunity for these plants to thrive under Rich Products'
ownership," said Steve Oakland, CEO
and President of TreeHouse Foods. "We continue to be committed to
delivering great customer service within the in-store bakery
category through our frosted sugar cookies and Lofthouse branded
business."
"The facilities we are acquiring from TreeHouse enhance our
current dessert and bakery product portfolios and align well with
our long-term growth strategies," said Ray
Burke, President and Chief Operating Officer, Rich's U.S. -
Canada region. "These added
capabilities will also allow us to provide greater fully-finished
and artisan product options, which are in high demand among our
customers."
TreeHouse acquired the in-store bakery business from ConAgra
Brands as part of the Private Brands transaction in 2016. There are
approximately 338 hourly and 45 salaried employees who will
transition from TreeHouse Foods to Rich Products. Both companies
are committed to a smooth transition for employees, customers and
consumers.
MEET RICH'S
Rich's, also known as Rich Products Corporation, is a
family-owned food company dedicated to inspiring possibilities.
From cakes and icings to pizza, appetizers and specialty toppings,
our products are used in homes, restaurants and bakeries around the
world. Beyond great food, our customers also gain insights to help
them stay competitive, no matter their size. Our portfolio includes
creative solutions geared at helping food industry professionals
compete in foodservice, retail, in-store bakery, deli, and prepared
foods, among others. Working in 100 locations globally, with annual
sales exceeding $4 billion, Rich's is
a global leader with a focus on everything that family makes
possible. Rich's®—Infinite Possibilities. One Family.
ABOUT TREEHOUSE FOODS
TreeHouse Foods, Inc. is a leading manufacturer and distributor
of private label packaged foods and beverages in North
America. We have over 40 production facilities across
the United States, Canada and Italy, and our vision is to be the undisputed
solutions leader for custom brands for our customers. Our
product portfolio includes shelf stable, refrigerated, frozen and
fresh products, including baked goods (refrigerated and frozen
dough, cereal, cookies, crackers, pretzels and snack bars);
beverages (broth, single serve hot beverages, creamers and powdered
drinks); and meal solutions (dressings, hot cereal, macaroni and
cheese, pasta, pickles, sauces and side dishes). We have a
comprehensive offering of packaging formats and flavor profiles,
and we also offer natural, organic and preservative-free
ingredients across almost our entire portfolio. Our purpose
is to make high quality food and beverages affordable to all.
Additional information, including TreeHouse's most recent
statements on Forms 10-Q and 10-K, may be found at TreeHouse's
website, http://www.treehousefoods.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements and other information are
based on our beliefs, as well as assumptions made by us, using
information currently available. The words "anticipate," "believe,"
"estimate," "project," "expect," "intend," "plan," "should," and
similar expressions, as they relate to us, are intended to identify
forward-looking statements. Such statements reflect our current
views with respect to future events and are subject to certain
risks, uncertainties, and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described herein as anticipated, believed, estimated,
projected, expected, intended, or planned. We do not intend to
update these forward-looking statements following the date of this
press release.
Such forward-looking statements, because they relate to future
events, are by their very nature subject to many important factors
that could cause actual results to differ materially from those
contemplated by the forward-looking statements contained in this
press release and other public statements we make. Such factors
include, but are not limited to: the success of our restructuring
programs, our level of indebtedness and related obligations;
disruptions in the financial markets; interest rates; changes in
foreign currency exchange rates; customer concentration and
consolidation; raw material and commodity costs; competition; our
ability to continue to make acquisitions in accordance with our
business strategy; changes and developments affecting our industry,
including consumer preferences; the outcome of litigation and
regulatory proceedings to which we may be a party; product recalls;
changes in laws and regulations applicable to us; disruptions in or
failures of our information technology systems; labor strikes or
work stoppages; and other risks that are set forth in the Risk
Factors section, the Legal Proceedings section, the Management's
Discussion and Analysis of Financial Condition and Results of
Operations section, and other sections of our Annual Report on Form
10-K for the year ended December 31,
2018, and from time to time in our filings with the
Securities and Exchange Commission. Readers 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.
View original
content:http://www.prnewswire.com/news-releases/treehouse-foods-inc-announces-definitive-agreement-to-sell-two-in-store-bakery-facilities-to-rich-products-300985325.html
SOURCE TreeHouse Foods, Inc.