USA: Aurora Foods to merge with Pinnacle Foods
Troubled US food maker Aurora Foods has announced that it has revised its financial restructuring plan so that Aurora will now be combined with Pinnacle Foods Corporation.
St. Louis-based Aurora, whose brands include Duncan Hines baking mixes and Mrs Butterworth's syrups, said buyout firms J P Morgan Partners and J W Childs Equity Partners would jointly buy a 49% equity stake in the combined company for US$83.7m, reported Reuters.
Dean Metropoulos, CEO of Pinnacle Foods, will hold an additional 8.8% share of the equity in the combined company, and will serve and chairman and CEO of the Pinnacle/Aurora business.
Aurora also announced that the revised restructuring plan, aimed at reducing debt and returning to profitability, has received the support of its senior lenders.
Pinnacle Foods makes branded food products, including Vlasic pickles, Swanson frozen foods and Open Pit barbecue sauce.
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