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May 30, 2014
16:24 EDTTHSTreeHouse Foods: Protenergy Natural acquisition to be accretive to EPS in FY15
TreeHouse Foods announced the completion of the previously announced acquisition of Protenergy Natural Foods, an industry leading developer and manufacturer of premium quality food and beverage products, namely private label broth, soups and gravies. Protenergy Natural Foods had sales of approximately CAD $130M for the twelve months ended December 31, 2013. TreeHouse paid CAD $170M in cash for the business, subject to an adjustment for working capital, and financed the transaction under its existing credit facility. The company confirmed that the transaction is expected to have approximately 5c-7c impact on 2014 earnings per share and to add approximately 11c-14c in EPS in 2015.
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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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