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.
- Interview: Mondelez eyes sweet success in China
- The benefits of engaging staff in sustainability
- How food companies involve staff in sustainability
- Why Danone is withdrawing Dumex from Vietnam
- Why May's Brexit comments give reason for optimism
- 2 Sisters chief Boparan buys Bernard Matthews
- Fonterra says value-added strategy paying off
- B&G Foods acquires ABF's US spice business
- General Mills profit falls as sales disappoint
- Bernard Matthews pensions scheme under review
- Global Chocolate Confectionery Overview: Challenges, Opportunities and Risks
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Global Foodservice Market 2016-2020
- Global Food and Drinks Closures: Performance and Opportunities
- Fast Food Restaurants in the US - Industry Market Research Report