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.
A frozen pizza is a ready-made pizza that consumers can store in their refrigerators and consume as and when required. The shelf life of a frozen pizza is approximately 4-6 months, if stored in a free...
Canned food products refer to processed food items that are available in airtight suitable metal cans with added preservatives. Short cooking time, long shelf life, and easy storage are some of the fa...
- Kellogg uses Kashi to finally join party - comment
- Rabobank's early view on Brexit impact on food
- New food waste standard will help monitor progress
- Tyrrells' growth plans - CEO interview, part two
- How could a TTIP affect the food industry?
- Brexit – Live reaction from food industry
- Kellogg to invest in "next-generation innovation"
- PepsiCo "engaging" with Indofood on child labour
- Campaigners attack UK child obesity plan
- Post, ConAgra 'held talks' over Lamb Weston merger
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights