OAK
BROOK, Ill., Sept. 29,
2023 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE:
THS. "TreeHouse Foods") today announced that it has completed the
sale of its Lakeville, MN manufacturing facility and snack
bars business to John B. Sanfilippo
& Son, Inc. (NASDAQ: JBSS) for approximately $61 million in cash.
The Lakeville, MN manufacturing
facility produces a range of private label snack bar products
including fruit and grain, chewy, crunchy and protein bars. The
facility had been part of the TreeHouse Foods network since
the company's acquisition of the Private Brands business in
2016.
The snack bars business was not expected to contribute positive
adjusted EBITDA in fiscal year 2023.
Within the terms of the transaction, the private label snack
bars business; Lakeville, MN,
manufacturing facility; customer relationships; and approximately
400 Lakeville-based employees have transitioned to John B. Sanfilippo & Son, Inc.
About TreeHouse Foods
TreeHouse 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.
Additional information, including TreeHouse Foods' most recent
statements on forms 10-Q and 10-K, may be found
at treehousefoods.com.
About John B. Sanfilippo &
Son, Inc.
Based in Elgin,
Illinois, John B. Sanfilippo
& Son, Inc. is a processor, packager, marketer and distributor
of snack bars, dried cheese, and nut & dried-fruit based
products that are sold under the Company's Fisher ®, Orchard Valley
Harvest ®, Squirrel Brand ®, Southern Style Nuts ® and Just the
Cheese ® brand names and under a variety of private brands.
Additional information, including John
B. Sanfilippo & Son, Inc.'s most recent statements on
forms 10-Q and 10-K, may be found at jbssinc.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 "believe," "estimate," "project," "expect," "anticipate,"
"plan," "intend," "foresee," "should," "would," "could," 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,
expected, or intended. 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: risks related to the impact that
the divestiture of a significant portion of our Meal Preparation
Business or any such divestiture might have on the Company's
operations; disruptions or inefficiencies in our supply chain
and/or operations; loss of key suppliers; raw material and
commodity costs due to inflation; labor strikes or work stoppages;
multiemployer pension plans; labor shortages and increased
competition for labor; success of our growth, reinvestment, and
restructuring programs; our level of indebtedness and related
obligations; disruptions in the financial markets; interest rates;
changes in foreign currency exchange rates; collectibility of our
note receivable, customer concentration and consolidation;
competition; our ability to execute on our business strategy; our
ability to continue to make acquisitions and execute on
divestitures or effectively manage the growth from acquisitions;
impairment of goodwill or long lived assets; changes and
developments affecting our industry, including customer
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; shareholder activism; disruptions in
or failures of our information technology systems; changes in
weather conditions, climate changes, and natural disasters; 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 Quarterly Report on Form 10-Q, our Annual Report on
Form 10-K for the year ended December 31,
2022, and from time to time in our filings with the
Securities and Exchange Commission ("SEC"). You 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.
