Ralcorp Holdings, Inc. (NYSE: RAH) announced yesterday that it signed a letter of intent to purchase the wet products portion of The Torbitt & Castleman Company LLC, a producer of private label syrups, Mexican sauces, jams and jellies, barbecue sauces, flavored syrups and other specialty sauces with approximately $80 million in annual sales. The company's dry mix manufacturing plant in Sheboygan, Wisconsin, and Five Star Brands, an affiliated manufacturer of nutritional bars located in Grand Rapids, Michigan, are not included in this transaction. Under the terms of the letter of intent, Torbitt's owners have agreed to negotiate exclusively with Ralcorp regarding the purchase and sale of Torbitt. Terms of the transaction were not disclosed. Torbitt & Castleman is based in Buckner, Kentucky and employs approximately 250 people.