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April 21, 2014
07:02 EDTTHSTreeHouse Foods to acquire Protenergy Natural Foods for $150M
TreeHouse Foods announced that it will acquire Protenergy Natural Foods, a developer and manufacturer of premium quality food and beverage products, namely private label broth, soups and gravies. TreeHouse has agreed to pay Whitecastle Investments Limited, Whitecap Venture Partners and others approximately $150M in cash for the business, subject to an adjustment for working capital. The company expects the transaction to have approximately 5c-7c EPS impact on 2014 earnings and add approximately 11c-15c in EPS in 2015. The transaction is expected to close late in the second quarter, subject to the satisfaction of customary closing conditions, and will be financed through borrowings under TreeHouse's existing credit facility. Protenergy had 2013 sales of approximately C$130M for the twelve months ended December 31, 2013. Following the acquisition, TreeHouse anticipates pro forma 2014 sales of approximately $2.7B and adjusted EBITDA of approximately $385M.
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November 18, 2015
06:51 EDTTHSBay Valley Foods plans to close City of Industry, CA facility
Bay Valley Foods, a wholly-owned subsidiary of TreeHouse Foods, announced its intention to close its City of Industry, California facility. The closure of the facility was determined after carefully reviewing the operation and identifying opportunities to lower production costs. Production is expected to cease in Q1 of 2016 with full closure of the facility expected in Q3 of 2016. Total costs to close the facility are expected to be approximately $11.9M, or 17c per fully diluted share, of which approximately $7.7M, or 11c per fully diluted share, is expected to be in cash. Components of the charges include non-cash asset write-offs of approximately $3.7M, employee-related costs of approximately $2.8M and other closure costs of approximately $5.4M. The company expects approximately $1.1M of the charges to be incurred in Q4 of this year and approximately $2.1M, $4.9M and $3.8M in the Q1, Q2, and Q3 of 2016, respectively. Ongoing annual cost savings from the closing are expected to be approximately $1.0M. The City of Industry facility has approximately 62 employees and primarily produces branded liquid non-dairy creamer and refrigerated dressings for the food away from home industry. Production will be moved to other manufacturing facilities within the company's existing network as well as to third-party facilities. The company expects no supply disruptions during the transition.

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