Business
TreeHouse Foods Announces Sale of Lakeville, MN Facility and Snack Bars Business
OAK BROOK, Ill., Sept. 6, 2023 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS. "TreeHouse Foods") today announced that it entered into a definitive
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"OAK BROOK, Ill., Sept. 6, 2023 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS. \"TreeHouse Foods\") today announced that it entered into a definitive agreement to sell its Lakeville, MN manufacturing facility and snack bars business to John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) for approximately $63 million in cash. \n\"The sale of our Lakeville facility and snack bars business is another example of our strategy in action to be a focused private label leader in high-growth and high-margin categories,\" said Steve Oakland, Chairman, Chief Executive Officer, and President of TreeHouse Foods. \"Importantly, we believe the business and its talented colleagues will be well positioned under John B. Sanfilippo & Son's ownership. We remain focused on deploying our capital in a manner that supports our long-term growth targets and enhances value creation for our shareholders.\"\nThe Lakeville, MN manufacturing facility has been part of the TreeHouse Foods network since its acquisition of the Private Brands business in 2016. The facility produces a range of private label snack bar products including fruit and grain, chewy, crunchy and protein bars.\nThe snack bars business was not expected to contribute positive adjusted EBITDA in fiscal year 2023. The transaction is subject to customary closing conditions and is expected to close within 30 days.\nFollowing close, the existing private label snack bars business, customer relationships, and Lakeville-based employees will transition to John B. Sanfilippo & Son, Inc. Both companies are committed to a smooth transition for employees, customers and consumers.\nAbout TreeHouse FoodsTreeHouse Foods, Inc. is a leading private label food and beverage manufacturer in North America. Our purpose is to engage and delight – one customer at a time. Through our customer focus and category experience, we strive to deliver excellent service and build capabilities and insights to drive mutually profitable growth for TreeHouse and our customers. Our purpose is supported by investment in depth, capabilities and operational efficiencies, which are aimed to capitalize on the long-term growth prospects in the categories in which we operate.\nAdditional information, including TreeHouse Foods' most recent statements on forms 10-Q and 10-K, may be found at treehousefoods.com.\nAbout John B. Sanfilippo & Son, In...