TreeHouse Foods Acquires Protenergy Natural Foods
Illinois based Treehouse Foods has acquired food processing company Protenergy Natural Foods for $150 million in cash. The Maryland Department of Business and Economic Development announced the acquisition Thursday.
Treehouse plans to upgrade the company’s Cambridge facility as part of the acquisition, investing $6 million to purchase new equipment and increase the plant’s capacity. The upgrades will create 35 new jobs in the process.
The purchase is expected to have approximately $0.05 to $0.07 impact on 2014 earnings per share and to add approximately $0.11 to $0.14 in EPS in 2015.
Protenergy bought the manufacturing assets of FoodSwing Inc. in 2011 and planned to move the Maryland facility to Indiana. The company had sales of approximately $110 million for the 12 months of 2013.
Based in Canada, Protenergy is an industry leading developer and manufacturer of premium quality food and beverage products, namely private label broth, soups and gravies.
Treehouse Foods is a food manufacturer servicing primarily the retail grocery and foodservice distribution channels. Products include non-dairy powdered creamers and sweeteners; condensed, ready to serve and powered soups; refrigerated and shelf stable salad dressing and sauces; powdered drink mixes; single serve hot beverages; specialty teas; hot and cold cereals; and more.