OAK BROOK, Ill., Jan. 13, 2020 /PRNewswire/ -- TreeHouse Foods,
Inc. (NYSE: THS) announced that effective today, the Company
mutually agreed with Post Holdings (NYSE: POST) to terminate the
previously-announced agreement to sell its ready-to-eat (RTE)
cereal business to Post. TreeHouse also noted that it will begin
the process of re-marketing the business for sale. These decisions
follow the December 19, 2019
complaint filed by the Federal Trade Commission (FTC) opposing the
sale of TreeHouse's RTE cereal business to Post Holdings.
"After thoroughly evaluating our options and the potential
outcomes, our Board has determined that terminating the agreement
with Post and immediately seeking another buyer for the business is
the proper course forward," said Steve
Oakland, Chief Executive Officer and President of TreeHouse
Foods. "Unfortunately the business risk, necessary resources and
extent of time required to challenge the FTC's position was not in
the best interest of our constituencies."
TreeHouse acquired the RTE cereal business from ConAgra Brands
as part of the Private Brands transaction in 2016. The business
operates two manufacturing plants in Lancaster, Ohio and Sparks, Nev.
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 (cookies, crackers, pretzels,
refrigerated dough, frozen waffles, in-store bakery products and
snack bars); beverages (broth, single serve hot beverages,
ready-to-drink coffee, 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.
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SOURCE TreeHouse Foods, Inc.