USA: Ralcorp Holdings, Inc. Agrees to Purchase The Red Wing Company, Inc.
Ralcorp Holdings, Inc. announced that it has reached a definitive agreement to purchase The Red Wing Company, Inc., one of the country's largest producers of private label preserves and jellies, peanut butter, salad dressings and tomato products.Red Wing manufactures a variety of high-quality private label condiments and sauces, including ketchup, pasta sauce, table and flavored syrups, barbecue and Mexican sauces and honey. Products are sold to various grocery and mass-merchandise retailers under their respective store brands. In addition to traditional retail business, Red Wing serves the foodservice and international channels, and it also markets a full-line of cocktail mixes under the Major Peters' brand. Red Wing annual sales are approximately $350 million.Ralcorp was established as an independent publicly traded company in 1994 as a result of a spinoff from the Ralston Purina Company. William P. Stiritz is Ralcorp's chairman of the board and Joseph R. Micheletto is CEO and president.Since its creation, Ralcorp has established a leadership position in private label or store brand foods. Ralston produces a variety of store brand foods that are sold under the individual labels of various grocery, mass merchandise and drug store retailers.Ralcorp's diversified product mix includes ready-to-eat and hot cereals, crackers and cookies, snack nuts, mayonnaise and shelf-stable salad dressings. In addition, Ralcorp holds a 21.9 percent equity interest in Vail Resorts, Inc., the premier mountain resort operator in North America. Ralcorp expects to close the Red Wing transaction within 35 days pending regulatory approval.Red Wing has five plant locations: Fredonia and Dunkirk, NY, Streator, IL; San Jose and Colusa County, CA, all of which are vital to the company's near- and long-term business plans.
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