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Topics covered: manufacturing, packaging, new products, R&D, and much more.Discover announcements from companies in your industry.The free newsletter covering the top industry headlinesAs Conagra works to integrate Pinnacle, these layoffs shouldn't come as much of a surprise. The $68 figure is only pennies above Tuesday’s closing price of $67.86 for Pinnacle shares.
Conagra Brands completed the acquisition of Pinnacle Foods on Oct. 26. Author: WBIR Staff Published: 11:52 AM EST January 15, 2020 ... would be closing in January 2021. About Conagra Brands “We need to bring our executional capabilities to the Pinnacle business now,” Mr. Connolly said. Investors and security holders are able to obtain the documents free of charge at the SEC's website, www.sec.gov, or from Conagra Brands at its website, www.conagrabrands.com, or by contacting Conagra Brands Investor Relations at (312) 549-5002. Conagra Brands completed the acquisition of Pinnacle Foods on Oct. 26. The ConAgra facility in Newport to close in January 2021 and all 350+ people who work there will be laid-off. Since the massive acquisition, Conagra has been shutting down Pinnacle offices and laying off groups of employees to centralize work and cut down on costs. [...]To view or post comments, simplyPlease check your inbox to reset your password securely and easily.Pinnacle announced Oct. 23 that a majority of its shareholders had voted to approve the $10.9 billion cash and stock deal, which was first reported in June. “We are as excited as ever to have the Pinnacle family of brands in our portfolio.”On a brighter note, work done in the recent weeks of integration uncovered opportunities to exceed the company’s initial synergy target for the transaction, he added.You must have JavaScript enabled to enjoy a limited number of articles over the next 30 days.Mr. “Approximately $30 million of this miss is driven by our post-close decisions to exit some year-end promotions that we saw as extremely low R.O.I.”Pinnacle Foods will underdeliver against its pre-acquisition targets, he said.Conagra Brands completed the acquisition of Pinnacle Foods on Oct. 26. Birds Eye, Duncan Hines and Wish-Bone have all suffered sales and distribution losses this past year, and the weakness accounts for the vast majority of Pinnacle’s current challenges.“On sales, we now estimate the Pinnacle portfolio will end calendar year ‘18 at roughly $3 billion, which is about $160 million, or 5%, below Pinnacle’s target,” Mr. Connolly said.
Conagra Brands is an Affirmative Action and Equal Opportunity Employer. But Mr. Connolly noted during a Dec. 20 earnings call that “Pinnacle’s current challenges can and will be fixed.” Additional information about the transaction can also be found at www.conagraandpinnacle.transactionannouncement.com. CHERRY HILL - Conagra Brands Inc. plans to close the Cherry Hill regional office of its recent acquisition, Pinnacle Foods, ending almost 200 jobs there, the company says. Adjusted diluted earnings per share improved 22% over the year-ago quarter, driven by increased operating profit and a lower effective tax rate, according to the company.Net sales advanced nearly 10% to $2,383.7 million from $2,173.4 million, driven primarily by the acquisition of Pinnacle Foods. “Given this, previous share gains were reversed.
Connolly discussed the missteps that led to market share losses for Pinnacle Foods’ top brands, Birds Eye vegetables, Duncan Hines baking mixes and Wish-Bone salad dressings.In the second quarter, Conagra’s legacy business, which excludes Pinnacle Foods, produced results that reflect continued momentum, Mr. Connolly said. Topics covered: manufacturing, packaging, new products, R&D, and much more.Discover announcements from companies in your industry.The free newsletter covering the top industry headlinesAs Conagra works to integrate Pinnacle, these layoffs shouldn't come as much of a surprise. The transaction is expected to close by the end of calendar 2018, subject to the approval of Pinnacle Foods shareholders, the receipt of regulatory approvals and other customary closing conditions. Since the massive acquisition, Conagra has been shutting down Pinnacle offices and laying off groups of employees to centralize work and cut down on costs. At the time, the companies said Conagra Brands would pay approximately $10.9 billion for Parsippany, N.J.-based Pinnacle Foods. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, or protected veteran status and will not be discriminated against on the basis of disability.