Pinnacle Foods Inc. (NYSE:PF) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05
Pinnacle Foods Inc. (NYSE:PF) Files An 8-K Costs Associated with Exit or Disposal Activities
Costs Associated with Exit or Disposal Activities.
On May 8, 2017, Pinnacle Foods Inc. (the “Company”), in connection with the Company’s ongoing portfolio strategic assessment and margin roadmap, committed to exit certain low-margin and non-strategic Aunt Jemima>frozen breakfast products sold to retail and foodservice customers following the Company’s voluntary recall announced on May 5, 2017. These actions and the associated charges detailed below are expected to be largely completed by the end of the second quarter of 2017.
The Company expects to record total charges related to these exit and disposal actions of approximately $58-$72 million before taxes, consisting of $50-$60 million of non-cash charges related to the write-down to fair market value of both tangible and intangible assets and $8-$12 million of cash charges primarily related to severance and other expenses associated with the exit.
About Pinnacle Foods Inc. (NYSE:PF)
Pinnacle Foods Inc. is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through three segments: the Birds Eye Frozen segment, the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment manages its brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen seafood (Van de Kamp’s and Mrs. Paul’s) categories, plant based protein frozen products (gardein), as well as its Foundation Brands in the frozen and refrigerated bagels (Lender’s), frozen pizza for one (Celeste), single-serve frozen dinners and entrees (Hungry-Man), and frozen breakfast (Aunt Jemima) categories. The Duncan Hines Grocery Segment includes cake mixes, ready-to-serve frostings, brownie mixes, muffin mixes and cookie mixes. The Specialty Foods segment consists of snack products (Tim’s Cascade and Snyder of Berlin), foodservice and private label businesses. Pinnacle Foods Inc. (NYSE:PF) Recent Trading Information
Pinnacle Foods Inc. (NYSE:PF) closed its last trading session down -0.22 at 57.94 with 533,605 shares trading hands.
Pinnacle Foods Inc. is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through three segments: the Birds Eye Frozen segment, the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment manages its brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen seafood (Van de Kamp’s and Mrs. Paul’s) categories, plant based protein frozen products (gardein), as well as its Foundation Brands in the frozen and refrigerated bagels (Lender’s), frozen pizza for one (Celeste), single-serve frozen dinners and entrees (Hungry-Man), and frozen breakfast (Aunt Jemima) categories. The Duncan Hines Grocery Segment includes cake mixes, ready-to-serve frostings, brownie mixes, muffin mixes and cookie mixes. The Specialty Foods segment consists of snack products (Tim’s Cascade and Snyder of Berlin), foodservice and private label businesses. Pinnacle Foods Inc. (NYSE:PF) Recent Trading Information
Pinnacle Foods Inc. (NYSE:PF) closed its last trading session down -0.22 at 57.94 with 533,605 shares trading hands.