USA

Hormel Foods closes Columbus Manufacturing acquisition

Mergers & Acquisitions

Hormel Foods Corporation announced it has closed its acquisition of Columbus Manufacturing, Inc., an authentic, premium deli meat and salami company, from Chicago-based Arbor Investments.

Posted on Nov 29 ,07:15

Hormel Foods closes Columbus Manufacturing acquisition

 

The addition of the Columbus brand further strengthens Hormel Foods’ position as a total deli solutions provider while enhancing its other strong deli brands such as Hormel, Jennie-O, Applegate, and Di Lusso.

The purchase price is approximately 850 million dollars. Total annual sales are approximately 300 million dollars with an expected growth rate in excess of 5 percent. Hormel Foods expects this acquisition to be modestly accretive to earnings per share in fiscal 2018.

“The acquisition of Columbus is the catalyst for uniting all our deli businesses into one group,” said Jim Snee, chairman of the board, president and chief executive officer. “We received regulatory approval faster than anticipated and are excited to start building a stronger, more united deli organization.”

Subsequent to the closing of the acquisition, Hormel Foods is increasing its fiscal 2018 net sales guidance to $9.7 – $10.1 billion and increasing its earnings per share guidance to $1.62 – $1.72 per share.

 NEWSLETTER - Stay informed with the latest news!

Comments





Similar articles

EU

EU Parliament wants to ban names like "Veggie Sausage"

The European Parliament wants to ban terms like sausage, steak, and schnitzel for vegan and veget...


Read more Read more

September records the best month for Brazilian beef exports

The result represents the best monthly performance in the historical series that began in 1997, c...


Read more Read more
AUSTRALIA

Andrew MacPherson to be appointed CEO of Teys beef processing business

Andrew will assume the leadership role following completion of the change of ownership to Ca...


Read more Read more
Websolutions by Angular Software and SpiderClass