Post Holdings, Inc. and TreeHouse Foods, Inc., Oak Brook, Ill., have encountered a setback in the proposed Post acquisition of the private label ready-to-eat cereal business from TreeHouse that was announced on May 2.
The Federal Trade Commission (F.T.C.) indicated it is reviewing the transaction in closer detail. Closing of the transaction, which was expected in the third quarter of 2019, will now be delayed beyond July, according to the companies.
Post and TreeHouse Foods said they remain committed to the transaction and will continue to work collaboratively with the F.T.C. to resolve the matter. In the meantime, TreeHouse will continue to independently operate the R.-T.-E. cereal business.
The business generated $268 million in sales in 2018. It has a range of manufacturing capabilities and features two plants in Lancaster, Ohio, and Sparks, Nev. Upon closing, Post Holdings said it will integrate the business into its existing North American R.-T.-E. cereal business.
By Monica Watrous
Source: Food Business News
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.
