Milling & Baking News - June 16, 2020 - 12

Business

Weak sales of on-the-go products
depress Hearthside quarterly sales
NEW YORK - Despite heavy pantry loading of products made for the
company's packaged foods customers in the first quarter, Hearthside
Food Solutions experienced softening
sales during the period, according to
Moody's Investment Services.
An update on privately-held Hearthside's business was included in an
announcement by Moody's that a
proposed new term loan would be assigned a B2 credit rating.
In addition to stepped-up demand
from pantry loading, Hearthside benefited during the first quarter from an
overall boost in in-home consumption.
Business in other Hearthside channels was depressed.
"Management attributed the weakness to a decline in fresh sandwich
sales as well as a decline in functional
bar sales, which are sold at airports
and other on-the-go locations and
were thus impacted by reduced travel
and commuting due to the coronavirus pandemic," Moody's said.
For the full year, the ratings agency
projected flat revenues for Hearthside.
The B2 rating was assigned to HFood Holdings, LLC (Hearthside),
which is seeking a senior secured
first lien term loan due in 2025.
Moody's also affirmed a B3 corporate family rating and B2 rating for
$225 million first lien secured revolving credit facility and $1.6 billion
senior secured first lien term loan.

Hearthside also has $350 million in
senior unsecured global notes with a
Caa2 rating.
A B2 rating from Moody's is considered speculative and subject to high
credit risk. The Caa2 rating is considered speculative, of poor standing and
a high credit risk.
Hearthside will use the $100 million loan to repay about $97 million in

GREENCORE/HEARTHSIDE FOOD SOLUTIONS

borrowings under the first lien credit
facility.
"Hearthside used the revolver borrowings to help fund a $130 million
growth capital expenditures program
that will expand its facilities and allow Hearthside to accommodate newly awarded contracts from its customers," Moody's said. "The borrowings
increase Hearthside's already high
leverage and cash interest."

Tate & Lyle adding co-generation
system to Lafayette corn wet mill
LONDON - Tate & Lyle PLC is investing $75 million in a natural gasfired combined heat and power system at its corn wet milling facility in
Lafayette, Ind.
The system will provide significant
environmental and economic benefits
at the Lafayette South facility. The investment supports the company's sustainability targets for 2030, which include reducing greenhouse gas emissions, eliminating coal from its operations and reducing water use.
"This major investment will make
our facility more efficient and directly
benefit the local community through
improved air quality, decreased water
use, and less truck traffic," said Travis
Montoya, plant manager at Lafayette
12 / June 16, 2020

Milling & Baking News

South. "At Lafayette South, we have a
strong track record of energy efficiency, having received the US Environmental Protection Agency's Energy
Star accreditation for five consecutive
years; this is a real source of pride for
the local team. We appreciate the state
of Indiana and the city of Lafayette's
support in helping to move this project forward."
The new gas turbines will generate
electricity and steam to power and
heat the facility. The new co-generation system will replace the site's coalfired boiler, delivering around 40% reduction in greenhouse gas emissions
and around 5% reduction in water use.
Work at the site to transition from
a coal-fired boiler to new gas turbines

Explaining the rating, Moody's said
it believes Hearthside will reduce leverage through incremental EBITDA
growth in 2020 and 2021.
Hearthside's financial leverage,
over 8 times EBITDA, has kept the
company's credit rating under pressure.
"The rating also reflects event risk,
such as additional leveraged acquisitions and aggressive shareholder
distributions, given the company's financial sponsor ownership," Moody's
said. "At the same time, the rating
incorporates the company's good position as a contract manufacturer and
packager of food products. The company has longstanding relationships
with leading US food companies and
limited commodity exposure due to
pass-through cost arrangements. This
helps limit cash flow and earnings
volatility. The company has good liquidity."
Based in Downers Grove, Ill.,
Hearthside is a contract manufacturer
and packer of packaged food products
in North America and, to a lesser extent, Europe. The company produces a
variety of nutrition bars, cookies, cereals, baked foods and snacks at 38 manufacturing facilities across the United
States and Europe.  The company's
customers include General Mills, Kellogg, Kraft Heinz, PepsiCo and Mondelez International. The company has
about $3.1 billion in annual revenues
and is owned by an investment group
led by Charlesbank Capital Partners
and Partners Group following an
April 2018 leveraged buyout. MBN
is being undertaken with strict safety
protocols that include social distancing and other protective measures.
This investment follows completion
of a similar system at Tate & Lyle's
corn wet mill in Loudon, Tenn., in
2017. Tate & Lyle has a six-year, $150
million productivity program, which
is now in its third year, and this investment is part of delivering that program, the company said.
"A key pillar of our purpose of Improving Lives for Generations, is to
care for our planet and to help protect
its natural resources for the benefit of
future generations," said Melissa Law,
president of global operations at Tate
& Lyle. "This project at Lafayette South
is a great example of our purpose in
action and will help us meet our ambitious new environmental commitments, driving important energy-saving and environmental benefits." MBN
bakingbusiness.com / world-grain.com


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - June 16, 2020

Table of Contents for the Digital Edition of Milling & Baking News - June 16, 2020

Milling & Baking News - June 16, 2020 - 1
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https://www.nxtbook.com/sosland/mbn/2020_06_30
https://www.nxtbook.com/sosland/mbn/2020_06_16
https://www.nxtbook.com/sosland/mbn/2020_06_02
https://www.nxtbook.com/sosland/mbn/2020_05_19
https://www.nxtbook.com/sosland/mbn/2020_05_05
https://www.nxtbook.com/sosland/mbn/2020_04_21
https://www.nxtbook.com/sosland/mbn/2020_04_07
https://www.nxtbook.com/sosland/mbn/2020_03_24
https://www.nxtbook.com/sosland/mbn/2020_03_10
https://www.nxtbook.com/sosland/mbn/2020_02_25
https://www.nxtbook.com/sosland/mbn/2020_02_11
https://www.nxtbook.com/sosland/mbn/2020_01_28
https://www.nxtbook.com/sosland/mbn/2020_01_14
https://www.nxtbook.com/sosland/mbn/2019_12_31
https://www.nxtbook.com/sosland/mbn/2019_12_17
https://www.nxtbook.com/sosland/mbn/2019_12_03
https://www.nxtbook.com/sosland/mbn/2019_11_19
https://www.nxtbook.com/sosland/mbn/2019_11_05
https://www.nxtbook.com/sosland/mbn/2019_10_22
https://www.nxtbook.com/sosland/mbn/2019_10_08
https://www.nxtbook.com/sosland/mbn/2019_09_24
https://www.nxtbook.com/sosland/mbn/2019_09_10
https://www.nxtbook.com/sosland/mbn/2019_08_27
https://www.nxtbook.com/sosland/mbn/2019_08_13
https://www.nxtbook.com/sosland/mbn/2019_07_30
https://www.nxtbook.com/sosland/mbn/2019_07_16
https://www.nxtbook.com/sosland/mbn/2019_07_02
https://www.nxtbook.com/sosland/mbn/2019_06_18
https://www.nxtbook.com/sosland/mbn/2019_06_04
https://www.nxtbook.com/sosland/mbn/2019_05_21
https://www.nxtbook.com/sosland/mbn/2019_05_07
https://www.nxtbook.com/sosland/mbn/2019_04_23
https://www.nxtbook.com/sosland/mbn/2019_04_09
https://www.nxtbook.com/sosland/mbn/2019_03_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_03_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_29
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_15
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_01
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_18
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_04
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_20
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_06
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_23
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_09
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_25
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_11
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_14
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_31
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_17
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_03
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_19
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_05
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_22
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_08
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_10
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_03_27
https://www.nxtbook.com/sosland/mbn/2018_03_13
https://www.nxtbook.com/sosland/mbn/2018_02_27
https://www.nxtbook.com/sosland/mbn/2018_02_13
https://www.nxtbook.com/sosland/mbn/2018_01_30
https://www.nxtbook.com/sosland/mbn/2018_01_16
https://www.nxtbook.com/sosland/mbn/2018_01_02
https://www.nxtbook.com/sosland/mbn/2017_12_19
https://www.nxtbook.com/sosland/mbn/2017_12_05
https://www.nxtbook.com/sosland/mbn/2017_11_21
https://www.nxtbook.com/sosland/mbn/2017_11_07
https://www.nxtbook.com/sosland/mbn/2017_10_24
https://www.nxtbook.com/sosland/mbn/2017_10_10
https://www.nxtbook.com/sosland/mbn/2017_09_26
https://www.nxtbook.com/sosland/mbn/2017_09_12
https://www.nxtbook.com/sosland/mbn/2017_08_29
https://www.nxtbook.com/sosland/mbn/2017_08_15
https://www.nxtbook.com/sosland/mbn/2017_08_01
https://www.nxtbook.com/sosland/mbn/2017_07_18
https://www.nxtbook.com/sosland/mbn/2017_07_04
https://www.nxtbook.com/sosland/mbn/2017_06_20
https://www.nxtbook.com/sosland/mbn/2017_06_06
https://www.nxtbook.com/sosland/mbn/2017_05_23
https://www.nxtbook.com/sosland/mbn/2017_05_09
https://www.nxtbook.com/sosland/mbn/2017_04_25
https://www.nxtbook.com/sosland/mbn/2017_04_11
https://www.nxtbook.com/sosland/mbn/2017_03_28
https://www.nxtbook.com/sosland/mbn/2017_03_14
https://www.nxtbook.com/sosland/mbn/2017_02_28
https://www.nxtbook.com/sosland/mbn/2017_02_14
https://www.nxtbook.com/sosland/mbn/2017_01_31
https://www.nxtbook.com/sosland/mbn/2017_01_17
https://www.nxtbook.com/sosland/mbn/2017_01_03
https://www.nxtbook.com/sosland/mbn/2016_12_20
https://www.nxtbook.com/sosland/mbn/2016_12_06
https://www.nxtbook.com/sosland/mbn/2016_11_22
https://www.nxtbook.com/sosland/mbn/2016_11_08
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https://www.nxtbook.com/sosland/mbn/2016_10_11
https://www.nxtbook.com/sosland/mbn/2016_09_27
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https://www.nxtbook.com/sosland/mbn/2015_12_22
https://www.nxtbook.com/sosland/mbn/2015_12_08
https://www.nxtbook.com/sosland/mbn/2015_11_24
https://www.nxtbook.com/sosland/mbn/2015_11_10
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https://www.nxtbook.com/sosland/mbn/2015_10_13
https://www.nxtbook.com/sosland/mbn/2015_09_29
https://www.nxtbook.com/sosland/mbn/2015_09_15
https://www.nxtbook.com/sosland/mbn/2015_09_01
https://www.nxtbook.com/sosland/mbn/2015_08_18
https://www.nxtbook.com/sosland/mbn/2015_08_04
https://www.nxtbook.com/sosland/mbn/2015_07_21
https://www.nxtbook.com/sosland/mbn/2015_07_07
https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
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https://www.nxtbook.com/sosland/mbn/2015_04_014
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https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
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https://www.nxtbook.com/sosland/mbn/2014_12_09
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https://www.nxtbook.com/sosland/mbn/214_08_19
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https://www.nxtbook.com/sosland/mbn/2014_05_27
https://www.nxtbook.com/sosland/mbn/2014_05_13
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https://www.nxtbook.com/sosland/mbn/2014_04_15
https://www.nxtbook.com/sosland/mbn/2014_04_01
https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
https://www.nxtbook.com/sosland/mbn/2014_02_04
https://www.nxtbook.com/sosland/mbn/2014_01_21
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https://www.nxtbook.com/sosland/mbn/2013_12_24
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https://www.nxtbook.com/sosland/mbn/2013_10_15
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https://www.nxtbook.com/sosland/mbn/2013_09_17
https://www.nxtbook.com/sosland/mbn/2013_09_03
https://www.nxtbook.com/sosland/mbn/2013_08_20
https://www.nxtbook.com/sosland/mbn/2013_08-06
https://www.nxtbook.com/sosland/mbn/2013_07_23
https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
https://www.nxtbook.com/sosland/mbn/2013_05_28
https://www.nxtbook.com/sosland/mbn/2013_05_14
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https://www.nxtbook.com/sosland/mbn/2013_04_16
https://www.nxtbook.com/sosland/mbn/2013_04_02
https://www.nxtbook.com/sosland/mbn/2013_03_19
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https://www.nxtbook.com/sosland/mbn/2013_02_19
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https://www.nxtbook.com/sosland/mbn/2013_01_22
https://www.nxtbook.com/sosland/mbn/2013_01_08
https://www.nxtbook.com/sosland/mbn/2012_12_25
https://www.nxtbook.com/sosland/mbn/2012_12_11
https://www.nxtbook.com/sosland/mbn/2012_11_27
https://www.nxtbook.com/sosland/mbn/2012_11_13
https://www.nxtbook.com/sosland/mbn/2012_10_30
https://www.nxtbook.com/sosland/mbn/2012_10_16
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https://www.nxtbook.com/sosland/mbn/2012_09_04
https://www.nxtbook.com/sosland/mbn/2012_08_21
https://www.nxtbook.com/sosland/mbn/2012_08_07
https://www.nxtbook.com/sosland/mbn/2012_07_24
https://www.nxtbook.com/sosland/mbn/2012_07_10
https://www.nxtbook.com/sosland/mbn/2012_06_26
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https://www.nxtbook.com/sosland/mbn/2012_04_17
https://www.nxtbook.com/sosland/mbn/2012_04_03
https://www.nxtbook.com/sosland/mbn/2012_03_20
https://www.nxtbook.com/sosland/mbn/2012_03_06
https://www.nxtbook.com/sosland/mbn/2012_02_21
https://www.nxtbook.com/sosland/mbn/2012_02_07
https://www.nxtbook.com/sosland/mbn/2012_01_24
https://www.nxtbook.com/sosland/mbn/2012_01_10
https://www.nxtbook.com/sosland/mbn/2011_12_27
https://www.nxtbook.com/sosland/mbn/2011_12_13
https://www.nxtbook.com/sosland/mbn/2011_11_29
https://www.nxtbook.com/sosland/mbn/2011_11_15
https://www.nxtbook.com/sosland/mbn/2011_11_01
https://www.nxtbook.com/sosland/mbn/2011_10_18
https://www.nxtbook.com/sosland/mbn/2011_10_04
https://www.nxtbook.com/sosland/mbn/2011_09_20
https://www.nxtbook.com/sosland/mbn/2011_09_06
https://www.nxtbook.com/sosland/mbn/2011_08_23
https://www.nxtbook.com/sosland/mbn/2011_08_09
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