US: Ralcorp acquires cookie maker Petri Baking Products
Ralcorp Holdings has acquired US private-label cookie producer Petri Baking Products
Ralcorp Holdings has acquired US private-label cookie producer Petri Baking Products Inc.
The private-label group said today (23 May) it anticipates the transaction will deliver US$0.05 of GAAP accretion and $0.08 of cash accretion to adjusted diluted EPS in the first year of ownership, excluding one-time costs.
Financial terms of the transaction were not disclosed.
New York-based Petri Baking Products manufactures and distributes a line of wire-cut private-label cookies, and employs around 240 staff. The business will operate as part of Ralcorp's snacks, sauces & spreads division.
"We are pleased to complete this transaction, which complements Ralcorp's cookie product offerings," said Kevin Hunt, CEO and president of Ralcorp. "We welcome the Petri Baking Products management team and employees to the Ralcorp family."
Ralcorp yesterday booked a drop in first-half profits as charges related to plant closures, a legal settlement provision and merger costs weighed on the firm's bottom-line results.
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