ST. LOUIS, Aug. 4 /PRNewswire-FirstCall/ -- Today Ralcorp Holdings, Inc.
("Ralcorp") (NYSE: RAH) announces the completion of its previously disclosed
purchase of the Post cereals business from Kraft Foods Inc. ("Kraft"). The
merger is valued at approximately $2.6 billion, including the issuance of
Ralcorp common shares and the assumption of debt.
Post is the third largest branded ready-to-eat cereal manufacturer in the
United States with over 100 years of history in the industry. Post includes
iconic brands such as Honey Bunches of Oats, Pebbles, Post Selects, Spoon Size
Shredded Wheat, Grape-Nuts and Post Raisin Bran.
The expanded Ralcorp includes a strong team of approximately 9,000
employees in North America, including Post's existing marketing and sales
support team, which continues to be headquartered in New Jersey, and its
existing R&D team, which continues to be located in Battle Creek, Michigan.
Ralcorp acquired the Post cereal manufacturing plants in Battle Creek,
Michigan; Jonesboro, Arkansas; Modesto, California; and Niagara Falls,
Ontario, and retained the employees at these facilities.
David P. Skarie, co-chief executive officer and president of Ralcorp,
said, "We welcome the Post management team and employees to the Ralcorp
family. Post cereals will become a key part of the Ralcorp businesses and
will enhance Ralcorp's existing cereal offerings."
About Ralcorp Holdings, Inc.
Ralcorp produces branded cereals, a variety of value brand and store brand
foods sold under the individual labels of various grocery, mass merchandise
and drugstore retailers, and frozen bakery products sold to in-store bakeries,
restaurants and other foodservice customers. Ralcorp's diversified product
mix includes: ready-to-eat and hot cereals; nutritional and cereal bars; snack
mixes, corn-based chips and extruded corn snack products; crackers and
cookies; snack nuts; chocolate candy; salad dressings; mayonnaise; peanut
butter; jams and jellies; syrups; sauces; frozen griddle products including
pancakes, waffles, and French toast; frozen biscuits and other frozen pre-
baked products such as breads and muffins; and frozen dough for cookies,
Danishes, bagels and doughnuts. In addition, Ralcorp holds an interest of
approximately 19 percent in Vail Resorts, Inc., the leading mountain resort
operator in the United States.
NOTE: Information in this press release that includes information other
than historical data contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. These statements are
sometimes identified by their use of terms and phrases such as "should,"
"will," "can," "believes," "could," "likely," "anticipates," "intends,"
"plans," "expects," or similar expressions. Any such forward-looking
statements are made based on information currently known and are subject to
various risks and uncertainties and are therefore qualified by the Company's
cautionary statements contained in its filings with the Securities and
SOURCE Ralcorp Holdings, Inc.
/CONTACT: Scott Monette of Ralcorp, +1-314-877-7113/
CO: Ralcorp Holdings, Inc.; Kraft Foods Inc.
IN: FOD REA
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3772 08/04/2008 09:20 EDT http://www.prnewswire.com