Food Business News - July 15, 2014 - (Page 14)

Path cleared for Tyson to acquire Hillshire Brands SPRINGDALE, ARK. - Pinnacle Foods has stepped aside, Pilgrim's Pride has been outbid and now Tyson Foods, Inc. is in the process of acquiring Hillshire Brands. The two companies officially have entered into a previously announced agreement in which Tyson will acquire all outstanding shares of Hillshire Brands for $63 per share. The all-cash transaction is valued at approximately $8.55 billion. "By investing in Hillshire Brands and its collection of leading brands, we have a unique opportunity to transform an important segment of our business, and position Tyson Foods to meet American consumers' growing demand for protein at breakfast and throughout the day," said Donnie Smith, president and chief executive officer of Tyson Foods. "We operate in a competitive and complex marketplace that demands bold steps to remain an industry leader. I am confident that together Tyson Foods and Hillshire Brands have the right products and the right people to create years of enhanced shareholder value and ensure more choices for our customers and consumers." The companies said the transaction has been unanimously approved by the boards of directors of both companies and is anticipated to close by Sept. 27, the last day of Tyson Foods' fiscal year. "After thoughtful consideration, our board of directors concluded that a combination with Tyson Foods represents a unique opportunity to provide shareholders with significant and immediate value while also positioning our business for continued success," said Sean Connolly, president and c.e.o. of Hillshire Brands. "Importantly, this is a testament to the tremendous value our talented team of employees has created over the past few years by strengthening our brands in the eyes of consumers." FBN Nestle sells Juicy Juice business to private equity firm GREENWICH, CONN. - Brynwood Partners VII L.P., a private equity firm, has acquired the Juicy Juice business from Nestle USA. Terms of the agreement were not disclosed. Juicy Juice is a maker of reduced-sugar beverages for children. The businesses two primary products are the Juicy Juice brand and Fruitfuls. "We look forward to bringing renewed focus and attention to this great brand that has, and continues to hold, a special place with families over many generations," said Henk Hartong III, senior managing partner of Brynwood Partners. "By further leveraging the brand's 14 FOODBUSINESS NEWS ® nutritional and wellness attributes, we plan to continue providing o our loyal customers with i its high quality, great tasti ing products in innovat tive packaging formats." Brynwood Partners s said it will announce J Juicy Juice's managem ment team in the comi ing weeks and it will be based in Stamford, Conn. Brynwood Partners and Nestle have a track record of working together. Juicy Juice is the sixth acquisition the private equity firm has made from Nestle USA, and the third in the past 14 months. Last year, Brynwood Partners acquired Joseph's Gourmet Pasta Co. and Pearson Candy Co. FBN July 15, 2014

Table of Contents for the Digital Edition of Food Business News - July 15, 2014

Food Business News - July 15, 2014
ADM betting billions on flavor category
Bumper corn, soybean crops on the way
Dairy Business News - Managing the mouthfeel of dairy products
Table of Contents
Web Contents
Editorial - Food as medicine trend gaining momentum
Bob Evans trying to capitalize on chicken
Protein, gluten-free products coming from General Mills
Mars accelerating health and wellness strategy
Path cleared for Tyson to acquire Hillshire Brands
Nestle sells Juicy Juice business to private equity firm
Five profiles for protein-rich product development
Hormel adding muscle to its Specialty Foods business
Major C.P.G. manufacturers having trouble getting noticed
CVS launches better-for-you snack line
Kroger makes move to bolster e-commerce presence
Raising the bar on sports nutrition
Making insects inviting to eat
What’s for dinner?
The case for insects
Washington - 'Nano' ingredients
Health and Wellness - Cost, ‘cleanliness’ and flavor innovation
Ingredient Innovations - Masking protein’s undesirable flavors
Highlights and Photos from I.F.T. 2014
New Food Products
Ingredient Market Trends - Spring wheat production forecast 6% higher than in 2013
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - July 15, 2014