US: Hillshire posts strong results ahead of sale
Jimmy Dean owner Hillshire expects Tyson takeover to be finalised by the end of next month
The owner of Jimmy Dean meats posted adjusted income from continuing operations of US$224m for the year to 28 June, US$184m a year earlier.
Adjusted operating income hit US$387m for the year to 28 June, growing from US$297m the previous year.
Net sales increased 4.2% to US$4.09bn.
"I am pleased with our results for fiscal year 2014, which culminated in a very strong fourth quarter," president and CEO Sean Connolly said. "Despite acute cost inflation, we delivered better than expected performance through a disciplined approach to brand building, pricing and cost management."
He added: "We have been working closely with the Tyson team to plan out the successful integration of the two companies and look forward to executing the merger."
On Tuesday, Tyson and Hillshire were asked for more information on the deal by the US Department of Justice. The requests "relate only to a very small portion of the combined business", Hillshire said. It added both companies expect the deal to be completed by 27 September.
Hillshire's acceptance of the bid meant it walked away from its move made weeks earlier to buy fellow US food group Pinnacle Foods.
The Hillshire Brands Company - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product and ser...
Hillshire Brands is the result of a spin-off by Sara Lee to create two independent publically traded companies. Hillshire Brands is a “meat-centric” packaged food player, which focuses on its key bran...
The report presents detailed data on consumption trends in the Ambient Meat category in United States, analyzing consumption volumes and values. It also provides indispensable data on distribution cha...
The report presents detailed data on consumption trends in the Chilled Raw Packaged Meat - Processed category in United States, analyzing consumption volumes and values at segment level. It also provi...
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