Food manufacturer TreeHouse Foods has completed its announced spin-off from Dean Foods Company, it said.
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The spin-off was done through a distribution of one share of TreeHouse stock for every five shares of Dean Foods Company stock held by Dean Foods Company shareholders on the 20 June 2005 record date. Dean shareholders will receive cash in lieu of any fractional shares of TreeHouse common stock resulting from the distribution. TreeHouse expects that shares of its common stock will begin trading on the New York Stock Exchange under the symbol “THS” today (Tuesday).
“We are excited to make our debut as an independent public company,” said Sam K. Reed, chairman of the board and CEO of TreeHouse. “We see extraordinary opportunity for growth in both the grocery private label and foodservice markets we serve nationally. We expect shareholder value to be enhanced as we expand our presence in both markets.”
“Our Bay Valley Foods operating unit, formerly the Dean Specialty Foods Group, is the ideal platform upon which to expand in both shelf stable, dry grocery and refrigerated food products,” he said. “Our experienced and dedicated workforce of 1,800 is determined to merit our motto — ‘Supplier of Choice’ — with every customer we serve.”
TreeHouse’s products include pickles and related products; non-dairy powdered coffee creamer; and other food products including aseptic sauces, refrigerated salad dressings, and liquid non-dairy creamer. TreeHouse believes it is the largest manufacturer of pickles and non-dairy powdered creamer in the United States based on sales volume.
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