The Hillshire Brands Company was an American food company based in Chicago, Illinois. Prior to its acquisition by Tyson Foods, the company employed over 9,000 people and generated nearly $4 billion in annual sales.[1]
Hillshire Brands made its debut on June 29, 2012, after the former Sara Lee Corporation spun off its international coffee and tea division and renamed the remaining units of the company Hillshire Brands. It began trading on the NYSE that same day under the ticker HSH.[2]
Under the terms of the deal, Sara Lee's stock underwent a one-for-five reverse split. As of June 27, 2012, all Sara Lee shareholders saw their holdings transform into Hillshire Brands shares and shrink by a factor of five. In addition, each former Sara Lee shareholder received shares in D.E. Master Blenders 1753 on a one-to-one basis. The company paid out a concurrent $3 special cash dividend on all D.E Master Blenders 1753 shares.[3]
In May 2013 the split was recognized among the six most successful Fortune 500 companies’ spinoffs by Fortune magazine.[4]
During the fiscal year 2013 roughly three quarters of Hillshire's revenues (74%) were generated through retail channels while the foodservice business accounted for 26% of the company's sales.[5]
In May 2014, Hillshire Brands announced it was buying Pinnacle Foods for US$4.23 billion in a cash and stock deal. Pinnacle Foods brands include Birds Eye, Duncan Hines, Hungry-Man and Swanson frozen TV dinners, among many others.[6] Days later, Pilgrim's Pride threatened the deal with its own bid for Hillshire Brands for $6.4 billion.[7] To complicate matters further, on 29 May 2014, Tyson Foods announced a $6.13 billion cash bid for Hillshire Brands. On 9 June 2014 Hillshire announced it had received a revised bid from Tysons valuing the company at $8.55 billion. Pilgrim's Pride simultaneously announced it had withdrawn its bid.[8]
On June 30, 2014, it was announced that Pinnacle Foods had scrapped its sale to Hillshire Brands, which would allow Hillshire to be acquired by Tyson Foods. Pinnacle would receive a $163 million payment as part of the breakup from Hillshire, and Pinnacle would also receive an expected $25 million in one-time costs connected to the nixed sale.[9][10]
Portfolio
Hillshire Brands was a manufacturer and marketer of packaged meat and frozen bakery products for the retail and foodservice markets, and a wholly-owned subsidiary of Tyson Foods. The company's portfolio of brands included Jimmy Dean, Ball Park, Hillshire Farm, Kahns, State Fair, Sara Lee, Chef Pierre Pies, Aidells, Gallo Salame and Golden Island Premium Jerky.[11][12]
^Gee, Kelsey. "Hillshire Brands to Acquire Van's Natural Foods". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-03-08.
External links
Official website (Now redirects to Tyson Foods)
May 08, 2023
hillshire, brands, company, american, food, company, based, chicago, illinois, prior, acquisition, tyson, foods, company, employed, over, people, generated, nearly, billion, annual, sales, typesubsidiaryindustryconsumer, goodspredecessorsara, corporationfounde. The Hillshire Brands Company was an American food company based in Chicago Illinois Prior to its acquisition by Tyson Foods the company employed over 9 000 people and generated nearly 4 billion in annual sales 1 Hillshire BrandsTypeSubsidiaryIndustryConsumer goodsPredecessorSara Lee CorporationFoundedJune 29 2012 2012 06 29 DefunctJuly 3 2014 2014 07 03 FateAcquired by Tyson FoodsHeadquartersChicago Illinois USAKey peopleSean Connolly President and CEO DivisionsJimmy Dean Ball Park Hillshire Farm State Fair Aidells Gallo Salame Sara Lee Frozen Bakery and Chef Pierre Pies Golden Island Premium Jerkey Contents 1 History 1 1 Founding and early years 1 2 Abandoned merger with Pinnacle Foods 1 3 Acquisition by Tyson Foods 2 Portfolio 3 See also 4 References 5 External linksHistory EditFounding and early years Edit See also Sara Lee Corporation Hillshire Brands made its debut on June 29 2012 after the former Sara Lee Corporation spun off its international coffee and tea division and renamed the remaining units of the company Hillshire Brands It began trading on the NYSE that same day under the ticker HSH 2 Under the terms of the deal Sara Lee s stock underwent a one for five reverse split As of June 27 2012 all Sara Lee shareholders saw their holdings transform into Hillshire Brands shares and shrink by a factor of five In addition each former Sara Lee shareholder received shares in D E Master Blenders 1753 on a one to one basis The company paid out a concurrent 3 special cash dividend on all D E Master Blenders 1753 shares 3 In May 2013 the split was recognized among the six most successful Fortune 500 companies spinoffs by Fortune magazine 4 During the fiscal year 2013 roughly three quarters of Hillshire s revenues 74 were generated through retail channels while the foodservice business accounted for 26 of the company s sales 5 Abandoned merger with Pinnacle Foods Edit See also Pinnacle Foods In May 2014 Hillshire Brands announced it was buying Pinnacle Foods for US 4 23 billion in a cash and stock deal Pinnacle Foods brands include Birds Eye Duncan Hines Hungry Man and Swanson frozen TV dinners among many others 6 Days later Pilgrim s Pride threatened the deal with its own bid for Hillshire Brands for 6 4 billion 7 To complicate matters further on 29 May 2014 Tyson Foods announced a 6 13 billion cash bid for Hillshire Brands On 9 June 2014 Hillshire announced it had received a revised bid from Tysons valuing the company at 8 55 billion Pilgrim s Pride simultaneously announced it had withdrawn its bid 8 Acquisition by Tyson Foods Edit See also Tyson Foods On June 30 2014 it was announced that Pinnacle Foods had scrapped its sale to Hillshire Brands which would allow Hillshire to be acquired by Tyson Foods Pinnacle would receive a 163 million payment as part of the breakup from Hillshire and Pinnacle would also receive an expected 25 million in one time costs connected to the nixed sale 9 10 Portfolio EditHillshire Brands was a manufacturer and marketer of packaged meat and frozen bakery products for the retail and foodservice markets and a wholly owned subsidiary of Tyson Foods The company s portfolio of brands included Jimmy Dean Ball Park Hillshire Farm Kahns State Fair Sara Lee Chef Pierre Pies Aidells Gallo Salame and Golden Island Premium Jerky 11 12 See also Edit Companies portalList of food companiesReferences Edit Hillshire Brands Company Financial Information Yahoo Finance 2014 Sara Lee splits takes Hillshire name for N American business USA Today Associated Press 6 June 2012 Looking Back Sara Lee s Hillshire Brands Spin Off Unlocks Value Arbideas 12 February 2013 6 spinoff successes CNN Money 6 May 2013 Company Profile Reuters Archived from the original on 2014 07 14 Hillshire Brands Buying Pinnacle Foods for 4 23B ABCNews go com ABC News May 12 2014 Retrieved May 12 2014 Baertlein Lisa May 27 2014 Pilgrim s bid for Hillshire puts pinnacle deal in peril Reuters Retrieved May 28 2014 Tyson Foods wins battle to buy Hillshire Brands The Boston Journal Archived from the original on 29 May 2015 Retrieved 10 June 2014 Pinnacle Foods Lets Hillshire out of Sale Pact ABC News Associated Press 30 June 2014 Retrieved 30 June 2014 Team Trefis Hillshire Brands Moves To End Pinnacle Deal In Light Of Tyson Foods Offer Forbes Retrieved 30 June 2014 Hillshire Brands Annual Report Hillshire Brands 2013 Gee Kelsey Hillshire Brands to Acquire Van s Natural Foods Wall Street Journal ISSN 0099 9660 Retrieved 2016 03 08 External links EditOfficial website Now redirects to Tyson Foods Retrieved from https en wikipedia org w index php title Hillshire Brands amp oldid 1122800774, wikipedia, wiki, book, books, library,
