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Latest headlinesManufacturing News

TECH FLASH

Hillshire Brands to acquire Pinnacle Foods

By Jeremy Gerrard
Hillshire Brands to acquire Pinnacle Foods
May 12, 2014

An agreement between Hillshire Brands and Pinnacle Foods was announced Monday where Hillshire will acquire all outstanding shares of Pinnacle in a cash and stock transaction valued at $6.6 billion.

“The combination of Hillshire Brands and Pinnacle Foods brings together two highly complementary organizations with strong brands, skilled employees and lean cost structures,” said Sean Connolly, president and chief executive officer of Hillshire Brands in a prepared statement. “The acquisition creates a leading branded food company with enhanced scale, reach, and capabilities while providing margin expansion and strong earnings per share accretion.”

Connolly will operate as the combined company’s president and CEO which will maintain the Hillshire Brands name and base operations out of Chicago.

The transaction will significantly expand the company’s portfolio in supermarkets, offering a diverse set of brands in key areas of frozen, center store, and refrigerated sections. In addition to offering its current line of products, including Hillshire Farms, Ball Park and Jimmy Dean, the acquisition of Pinnacle brings its line of products such as Duncan Hines, Birds Eye, Vlasic and Mrs. Butterworth’s.

Connolly said the company believes its increased scale diversity will deliver strong, consistent cash flows.

“This compelling transaction offers Pinnacle Foods shareholders an immediate premium and the opportunity to participate in the tremendous potential of the combined organization,” said Bob Gamgort, chief executive officer of Pinnacle Foods in a press release. “The complementary portfolios and strategic fit of these two companies create significant value for the shareholders of both organizations.”

KEYWORDS: food and beverage companies food and beverage manufacturing mergers and acquisitions

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Jeremy Gerrard was Food Engineering's Digital/Online Editor. He is a graduate of Auburn University with a degree in journalism. His previous work experience includes years spent as a reporter with the Daily Local News out of Chester County, PA. In addition to writing feature articles for Food Engineering, Jeremy covered the Dry Processing, Field Reports and People and Industry news sections.

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