Parsippany, NJ - International Home Foods, Inc. announced that it has agreed to acquire the Puritan products business of Unilever Canada's Lipton division. Financial terms of the proposed transaction, which is expected to be completed in the first quarter, were not announced. The transaction will be immediately accretive to International Home Foods' earnings.
Founded in 1959, Puritan is the largest processor and marketer of canned stews and meats in Canada, with products marketed under the Puritan and Fraser Farms brand names.
C. Dean Metropoulos, Chairman and Chief Executive Officer of International Home Foods, as well as of C. Dean Metropoulos & Co., said: "As a result of this acquisition, IHF sales in Canada will increase by approximately 65%. IHF will be able to absorb Puritan's sales volume into its own operations, which will generate significant cost savings. This will be accomplished by integrating Puritan's sales, distribution and manufacturing operations with IHF's operations and by leveraging IHF's purchasing power. In short, this is a great fit with our existing IHF business in Canada; an attractive opportunity to broaden our base of business and to build value for our shareholders."
International Home Foods, Inc. is a nationally prominent manufacturer, distributor and marketer of food products. Its significant established brands include Chef Boyardee(R) prepared foods, Bumble Bee(R) canned seafood, PAM(R) cooking spray, Polaner(R) fruit spreads and spices, Gulden's(R) mustard, Crunch 'n Munch(R) glazed popcorn, Campfire(R) marshmallows and crisped rice bars, Ro*tel(R) tomatoes with green chilies, Dennison's(R) chili, and Ranch Style(R) and Luck's(R) beans.
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