Post Holdings and Conagra Brands Announce Completion of Acquisition of Peter Pan® Peanut Butter Brand by Post Holdings
Post Holdings has successfully completed the acquisition of the Peter Pan® peanut butter brand from Conagra Brands as of January 25, 2021.
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Rhea-AI Summary
Post Holdings has successfully completed the acquisition of the Peter Pan® peanut butter brand from Conagra Brands as of January 25, 2021. This strategic acquisition is expected to enhance Post's portfolio in the consumer packaged goods sector, especially in the peanut butter segment. The Peter Pan® brand will strengthen Post's presence in the food category, leveraging its existing operations in ready-to-eat cereals and refrigerated foods. The financial specifics of the acquisition were not disclosed, but it represents a significant development for both companies.
Positive
- Strengthens Post's market presence in the peanut butter segment.
- Enhances product portfolio with an established brand.
- Leverages existing operations in related food categories.
Negative
- None.
Details
News Market Reaction – POST
The recorded move for POST in the trading session of this news was +1.55%.
Data tracked by StockTitan Argus. Session date unavailable.
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ST. LOUIS, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Post Holdings, Inc. (NYSE:POST) (“Post”) and Conagra Brands, Inc. (NYSE:CAG) (“Conagra”) today announced that Post has completed the previously announced acquisition of the Peter Pan® peanut butter brand from Conagra, effective today.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient and convenient nutrition food categories. Its businesses include Post Consumer Brands, Weetabix, Michael Foods, Bob Evans Farms and BellRing Brands. Post Consumer Brands is a leader in the North American ready-to-eat cereal category and also markets Peter Pan® peanut butter. Weetabix is home to the United Kingdom’s number one selling ready-to-eat cereal brand, Weetabix®. Michael Foods and Bob Evans Farms are leaders in refrigerated foods, delivering innovative, value-added egg and refrigerated potato side dish products to the foodservice and retail channels. Post’s publicly-traded subsidiary BellRing Brands, Inc. is a holding company operating in the global convenient nutrition category through its primary brands of Premier Protein® and Dymatize®. Post participates in the private brand food category through its investment with third parties in 8th Avenue Food & Provisions, Inc., a leading, private brand centric, consumer products holding company. For more information, visit www.postholdings.com.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company’s portfolio is evolving to satisfy people's changing food preferences. Conagra’s iconic brands, such as Birds Eye®, Marie Callender's®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
Post Holdings Contacts:
Investor Relations
Jennifer Meyer
jennifer.meyer@postholdings.com
(314) 644-7665
Media Relations
Lisa Hanly
lisa.hanly@postholdings.com
(314) 665-3180
Conagra Brands Contacts:
Media Relations
Dan Hare
Daniel.hare@conagra.com
(312) 549-5355
Investor Relations
Brian Kearney
ir@conagra.com
(312) 549-5002
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