US: Pinnacle Foods acquires Armour
Pinnacle Foods Group has acquired the Dial Corporation's Armour food products business for US$183m, subject to potential post-closing price adjustments.
Pinnacle is a producer and distributor of branded food products in the frozen foods and dry foods segments. The Armour brand maintains the leading market position in the Vienna sausage, potted meat and sliced beef categories. The business also includes meat spreads, chilli, luncheon meat, corned and roast beef hash, beef stew and lunch buckets.
C. Dean Metropoulos, Pinnacle chairman and chief executive officer, said: "Combining the strong Armour dry food products business with our portfolio of products will provide Pinnacle's brands with further growth opportunities and scale. We expect this transaction to build substantial long-term value for our company."
The Dial Corporation, a company of the Henkel group, said that the sale will allow the company to focus on its core businesses.
"Having evaluated different strategic options, we became convinced that the sale of the Foods business was the best solution for our company. This step will enable us to concentrate on our core businesses in home and personal care," said Ulrich Lehner, chairman of the management board of Henkel. "In Pinnacle Foods, we have found a strategic buyer that will offer good prospects for Armour going forward."
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