Pinnacle Foods Inc. (NYSE:PF) Files An 8-K Regulation FD DisclosureItem 7.01
Regulation FD Disclosure.
Pinnacle Foods Inc. (NYSE:PF) Files An 8-K Regulation FD DisclosureItem 7.01
Regulation FD Disclosure.
On August 7, 2017, Pinnacle Foods Inc. (the ”Company”) entered into a definitive purchase agreement with Ryder Integrated Logistics, Inc. (“Ryder”) to acquire a frozen warehouse and vegetable packaging facility (the “Facility”) from Ryder located in Beaver Dam, Wisconsin for $37.5 million plus contingent payments that are dependent on the satisfaction of certain pre-closing contract conditions.
The acquisition, which will be funded with cash on hand, will provide the Company with incremental capacity beginning in early 2018 to support the continued, strong growth of its Birds Eye franchise, including providing manufacturing flexibility for innovation. In addition, the Facility is also expected to drive productivity and margin enhancement, consistent with the network optimization initiatives in the Company’s long-term strategic plan, beginning in the second half of 2018. The Company expects to begin the integration of the Facility into its supply chain network in the second half of this year.
The purchase agreement contains customary representations, warranties, covenants and indemnification provisions. Subject to the satisfaction of customary closing conditions set forth in the purchase agreement, the Company expects the acquisition to close in the fourth quarter of 2017.
This information is being “furnished” to Item 7.01 and in accordance with general instruction B.2 to Form8-Kshall not be deemed “filed” with the Securities and Exchange Commission for purposes of Section18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that section, nor shall such information be deemed to be incorporated by reference into any filings under the Securities Act of 1933.
This current report contains statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain “forward-looking statements.” Such forward-looking statements include information concerning our possible or assumed future results of operations. These statements often include words such as “approximate,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “forecast,” “may,” “should” or variations of such words or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including but not limited to the risks and uncertainties detailed in our Form10-Kfiled with the Securities and Exchange Commission on February23, 2017. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The registrant assumes no obligation to update the forward-looking statements made in this current report.
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.