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Hillshire Brands to Acquire Pinnacle Foods

Chicago-based Hillshire Brands today announced plans to acquire Pinnacle Foods in a deal valued at six-point-six billion dollars. The combined company, which will operate under the Hillshire Brands name and remain in Chicago, will include key frozen, refrigerated and center of store grocery categories. Pinnacle, headquartered in New Jersey, is the home of Duncan Hines and Birds Eye product lines. Hillshire Brands includes the Hillshire Farm, Ball Park and Jimmy Dean packaged-meat products, as well as Sara Lee's frozen desserts.

“The combination of Hillshire Brands and Pinnacle Foods brings together two highly complementary organizations with strong brands, skilled employees and lean cost structures,” said Sean Connolly, president and chief executive officer of Hillshire Brands. “The acquisition creates a leading branded food company with enhanced scale, reach, and capabilities while providing margin expansion and strong EPS accretion. The new Hillshire Brands will have a strengthened position in frozen foods, new opportunities in the center store for our brands and in refrigerated for Pinnacle Foods’ brands. We believe our increased scale combined with a more diversified portfolio will deliver strong, consistent cash flows. This will enable us to continue to invest in our brands, enhance our portfolio, pursue value accretive M&A and deliver significant long-term value to our shareholders.”

“This compelling transaction offers Pinnacle Foods shareholders an immediate premium and the opportunity to participate in the tremendous potential of the combined organization,” said Bob Gamgort, chief executive officer of Pinnacle Foods. “The complementary portfolios and strategic fit of these two companies create significant value for the shareholders of both organizations. Our common passion for developing innovative products and maintaining close ties with our customers will position the combined entity to deliver outstanding benefits for employees, customers and shareholders.”


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