TreeHouse Foods, Post terminate deal for cereal business
TreeHouse Foods has announced the dissolution of the previously announced agreement to sell its ready-to-eat (RTE) cereal business to Post Holdings.
TreeHouse Foods has announced the dissolution of the previously announced agreement to sell its ready-to-eat (RTE) cereal business to Post Holdings. In addition, TreeHouse will begin the process of re-marketing the business for sale. These decisions follow the Dec. 19, 2019, complaint filed by the U.S. Federal Trade Commission (FTC) opposing the sale.
“After thoroughly evaluating our options and the potential outcomes, our board has determined that terminating the agreement with Post and immediately seeking another buyer for the business is the proper course forward,” said Steve Oakland, CEO and president of TreeHouse Foods, in a press release. “Unfortunately, the business risk, necessary resources, and extent of time required to challenge the FTC’s position was not in the best interest of our constituencies.”
TreeHouse acquired the RTE cereal business from ConAgra Brands as part of the Private Brands transaction in 2016. The business operates two manufacturing plants in Lancaster, Ohio, and Sparks, Nev.
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