Ralcorp acquires Italian company
June 18, 2012
ST. LOUIS — Ralcorp Holdings, Inc. has completed its acquisition of Gelit S.r.l., a producer of private-label frozen meals in Italy. Terms of the transaction were not disclosed.
“We believe this combination further strengthens our position as a diversified provider of private-brand foods and adds numerous strategic benefits to our pasta platform,” said Kevin J. Hunt, chief executive officer and president of Ralcorp.
Ralcorp expects the transaction to deliver 5c GAAP accretion and 7c cash accretion to adjusted diluted earnings per share during the first year of ownership, excluding one-time costs.
Gelit has annual net sales of about $45 million and is based in Cisterna di Latina, Italy. The company distributes its private-label products directly to retail and wholesale customers in Italy and the United States.