TreeHouse Foods will acquire the majority of the U.S. branded pasta portfolio of Riviana Foods, a subsidiary of Ebro, for $242.5 million in cash. The acquisition includes brands such as Prince, Creamette, and American Beauty.
"The acquisition of Ebro's well-known regional pasta brands further strengthens our portfolio and expands our scale to better serve our national and regional customers," said Steve Oakland, CEO and president of TreeHouse Foods, in a statement. "Our existing private label and regional brand pasta business will be a natural complement to the acquired brands and will enable us to further optimize our production network, improve capacity utilization, and deliver greater profitability and free cash flow."
"The work we have done over the past several years to strengthen our operating platform and realign our businesses into two distinct segments has positioned us well to execute this transaction and integrate the pasta business," Oakland continued. "We are confident this accretive acquisition, along with the significant progress we have made in generating free cash flow this year, will enhance our ability to drive shareholder value."
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