TreeHouse Foods rises on $950 mln deal to sell part of meal prep business

TreeHouse Foods

11/08/2022 15:34

** Shares of private-label packaged food maker TreeHouse
Foods  THS.N  rise as much as 5.2% to an over one-year high of
$49.49
    ** Co says it will sell a significant portion of its meal
preparation business to investment firm Investindustrial VII LP
for $950 mln in a bid to focus more on its private-label
snacking and beverage portfolio  urn:newsml:reuters.com:*:nL4N2ZN21C
    ** The to-be divested business, which makes pasta,
preserves, red sauces and syrup for store-owned brands, is
expected to bring in roughly $1.6 bln in net sales for 2022
    ** Stock last up 4.8% and set for its fourth straight
session of gains
    ** THS has gained nearly 22% so far this year

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))