US/CANADA: TreeHouse poised to buy E.D. Smith & Sons
TreeHouse Foods is set to buy Canada-based jam-to-ketchup firm E.D. Smith & Sons.
TreeHouse, the largest producer of pickles in the US, said today (25 June) that it has agreed a deal worth US$203m with the company's owner, E.D. Smith Income Fund.
"E.D. Smith is a great company and we are excited about the category and geographic opportunities it brings to TreeHouse", said Sam K. Reed, chairman and CEO of TreeHouse Foods.
"In Canada, it is the leading private label manufacturer in nine key dry grocery categories with outstanding relationships with key retailers that will open up opportunities for our US-based business.
Jack Scott, chairman of the E.D. Smith Income Fund, added: "We have conducted an extensive review of the strategic alternatives available to the E.D. Smith Income Fund and believe this deal provides our unitholders with a fair price for the business and a material premium to the recent trading levels of the units."
The transaction, which is subject to approval by the fund's unitholders by two-thirds of the votes cast at a special meeting, as well as regulatory approval, is expected to close near the end of the third quarter of this year.
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