TreeHouse Foods to sell Snacks Division to Atlas Holdings
Christian Fernsby ▼ |
TreeHouse Foods announced that it has entered into a definitive agreement to sell the company's Snacks Division to Atlas Holdings.
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Atlas owns and operates 19 manufacturing and distribution businesses, which collectively employ more than 17,000 associates at over 150 facilities worldwide.
Atlas has agreed to pay $90 million for the Division, subject to certain post-closing adjustments.
TreeHouse projected the Snacks Division to generate net sales of approximately $670 million in 2019.
TreeHouse plans to use the net proceeds of the sale to pay down debt.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2019.
TreeHouse plans to update its full-year guidance to reflect this transaction in its second quarter earnings announcement.
The Snacks Division, with more than 800 employees, is one of the largest manufacturers and distributors of private label healthy snacks to premier retail customers in North America.
It is a leader in the nuts and trail mix categories.
The Division operates three plants, located in Robersonville, North Carolina; El Paso, Texas; and Dothan, Alabama.
A fourth plant, in Minneapolis, Minnesota, is scheduled to close by the end of the third quarter as previously announced.
The Minneapolis plant, and the manufacturing-related employees located there, are not included in this transaction.
Both companies are committed to a smooth transition for employees, customers and consumers. ■
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