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PF > SEC Filings for PF > Form 8-K on 29-Jan-2014All Recent SEC Filings

Show all filings for PINNACLE FOODS INC.



Other Events

Item 8.01 Other Events.
On January 29, 2014, Pinnacle Foods Inc. (NYSE: PF) ("Pinnacle Foods") entered into a definitive agreement with Duncan Hines co-packer Gilster Mary Lee ("Gilster") to acquire the Duncan Hines manufacturing business located in Centralia, Illinois, from Gilster for $16.5 million. Under the terms of the agreement, Pinnacle will pay Gilster 10% of the purchase price in cash, with the balance due under a four-year note payable to Gilster on or before April 30, 2018.
As previously disclosed, Duncan Hines manufacturing has been under a long-term co-packing contract with Gilster since 1998, and the Centralia facility has only produced Duncan Hines products since that time. The existing contract was set to expire in 2015, and the acquisition will enable Pinnacle to cost-effectively invest in the business to both upgrade manufacturing processes to drive future productivity and to improve capabilities for future Duncan Hines innovation. The Company will begin the integration of the business into its supply chain network in early 2014.
The purchase agreement contains customary representations, warranties, covenants and indemnification provisions. Subject to regulatory approval and the satisfaction of customary closing conditions set forth in the purchase agreement, Pinnacle Foods expects the acquisition to close early in the second quarter of 2014.

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