TreeHouse Foods Selling Facility, Snack Bars Business

TreeHouse Foods Inc. has entered into a definitive agreement to sell its Lakeville, MN manufacturing facility and snack bars business to John B. Sanfilippo & Son Inc. for about $63 million in cash.

The transaction is subject to customary closing conditions and is expected to close within 30 days.

"The sale of our Lakeville facility and snack bars business is another example of our strategy in action to be a focused private label leader in high-growth and high-margin categories," said Steve Oakland, chairman, chief executive officer, and president of TreeHouse Foods. "Importantly, we believe the business and its talented colleagues will be well positioned under John B. Sanfilippo & Son's ownership. We remain focused on deploying our capital in a manner that supports our long-term growth targets and enhances value creation for our shareholders."

The Lakeville, MN manufacturing facility has been part of the TreeHouse Foods network since its acquisition of the Private Brands business in 2016. The facility produces private label snack bar products including fruit and grain, chewy, crunchy, and protein bars.

Following the close, the existing private label snack bars business, customer relationships, and Lakeville-based employees will transition to John B. Sanfilippo & Son Inc.