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TreeHouse Foods announces acquisition of Harris Tea
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Monday, 30 December, 2024, 16 : 00 PM [IST]
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Illinois, USA
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TreeHouse Foods Inc., announced that it has signed a definitive agreement to acquire certain subsidiaries that operate the private brand tea business of Harris Freeman & Co. Inc., a leading private brand tea manufacturer in US, for approximately $205 million, subject to customary purchase price adjustments.
Steve Oakland, chairman, chief executive officer, and president, said, "The acquisition of Harris Tea strengthens our competitive positioning in the fast-growing tea category and adds unique blending and sourcing capabilities that customers desire, building upon TreeHouse Foods' category leadership, enhancing our position through additional depth and scale. This acquisition aligns with our long-term strategy to build capabilities in our higher-growth, higher-margin categories."
The acquisition includes its manufacturing facilities in Moorestown, NJ and Marietta, GA, and it will welcome approximately 300 team members. The acquisition will provide vertical integration across the company's existing tea business, and will be accretive to the company's overall growth and margins.
Kevin Shah, co-CEO of Harris Freeman, said, "The tea category presents significant opportunity for future growth. It was clear that TreeHouse Foods would provide a great fit for our next chapter of growth, given its depth of capabilities, scale, industry expertise, and customer relationships, and I am confident we will maintain our upward trajectory as a result of this transaction."
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