TreeHouse Foods, a North America-based manufacturer and distributor of private label packaged foods and beverages, has entered into an agreement to sell its ready-to-eat cereal business to consumer packaged goods holdings company Post Holdings.
The transaction is expected to close in the third quarter of this year.
TreeHouse acquired the ready-to-eat cereal business from ConAgra brands in 2016. This transaction is expected to generate $15-20 million before interest and taxes for Post Holdings.
Steve Oakland, CEO and president of TreeHouse Foods, said: “The ready-to-eat cereal category represents nearly $9 billion in revenue at retail, and therefore, the business has a long runway for growth. We believe that the RTE business has a wonderful opportunity to flourish under Post’s ownership.
“Selling the ready-to-eat cereal business allows us to bring greater focus to the TreeHouse organisation and represents another step on our portfolio optimisation journey.”
The ready-to-eat cereal category is seeing growth due to consumers’ increasingly busy lifestyles.
500 employees total will transition from TreeHouse foods to Post Holdings due to the acquisition.
By Harriet Jachec
Source: FoodBev
Temperature-controlled storage and logistic solution provider, Emergent Cold LatAm, has opened ‘Chile’s largest’ frozen food warehouse. Located in Talcahuano, a region renowned for its seafood and fruit production and exports, the warehouse represents a strategic enhancement of the local cold chain infrastructure.
Never Never gin will be sold through Asahi’s alcohol division, Carlton & United Breweries (CUB). According to the company, the acquisition – which won’t impact daily operations – will enable Never Never’s premium gin to reach a wider customer base while enhancing support and product offerings for existing customers.
Coca-Cola Europacific Partners (CCEP) announced today the forthcoming departure of Nik Jhangiani, senior vice president and chief financial officer, with plans underway to identify his successor. Jhangiani will be stepping down to assume the role of CFO at Diageo later this year.
