Post Holdings Announces Plan to Close Lancaster, OH Facility
01 Dezembro 2023 - 10:00AM
Post Holdings, Inc. (NYSE:POST) (“Post”), a consumer packaged goods
holding company, announced plans to close its Post Consumer Brands
cereal manufacturing facility in Lancaster, Ohio.
The planned closure of the facility reflects Post’s need to
reduce capacity in its cereal production network. The Lancaster
facility has approximately 200 employees and is expected to close
by the end of September 2024. Facility production capabilities will
be transferred to other Post Consumer Brands manufacturing
locations.
Regarding the closure, Post Consumer Brands President and CEO
Nicolas Catoggio said, “We are continuously optimizing our network
so that we can best serve our customers and consumers. This
facility closure enables Post Consumer Brands to continue offering
a diversified portfolio of great products at a great value.”
The Lancaster facility has been part of the Post Consumer Brands
business since June 2021, when Post acquired the TreeHouse Foods
ready-to-eat cereal business.
Post Consumer Brands has engaged in discussions with the union
representing employees at the Lancaster facility and has notified
employees of the decision.
Post currently expects to incur cash and noncash pre-tax charges
totaling approximately $49 to $55 million in connection with the
transfer of production capabilities to other Post Consumer Brands
locations and closure of the Lancaster facility. Completion of the
transfer and start-up of production at other locations is estimated
to require capital expenditures of approximately $20 million,
incremental to Post’s previously announced capital expenditures
guidance range of $400 to $425 million, in fiscal year 2024. As a
result of the transfer of production capabilities to other
locations and closure of the Lancaster facility, Post expects to
achieve annual cost savings of approximately $23 to $25 million,
starting in fiscal year 2025.
Forward-Looking Statements
Certain matters discussed in this release are forward-looking
statements. These forward-looking statements are made based on
known events and circumstances at the time of release, and as such,
are subject to uncertainty and changes in circumstances. These
forward-looking statements include the expected timing of the
closure of the Lancaster facility, the expected amount and timing
of costs associated with the closure, the expected amount of
capital expenditures associated with completion of the transfer and
start-up of production at other locations, Post’s fiscal year 2024
capital expenditures guidance range and the expected amount of
annual cost savings. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. These risks and
uncertainties include the occurrence of any event, change or other
circumstance that could delay the closing of the facility and the
transfer and start-up of production at other locations, the
possibility that the expected amount of costs associated with the
closure and capital expenditures associated with completion of the
transfer and start-up of production at other locations could be
greater than anticipated, the risk that the amount of annual cost
savings could be lower than anticipated, and other risks and
uncertainties described in Post’s filings with the Securities and
Exchange Commission. These forward-looking statements represent
Post’s judgement as of the date of this release. Post disclaims,
however, any intent or obligation to update these forward-looking
statements. All forward-looking statements in this release are
qualified in their entirety by this cautionary statement.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a
consumer packaged goods holding company with businesses operating
in the center-of-the-store, refrigerated, foodservice and food
ingredient categories. Its businesses include Post Consumer Brands,
Weetabix, Michael Foods and Bob Evans Farms. Post Consumer Brands
is a leader in the North American ready-to-eat cereal and pet food
categories and also markets Peter Pan® peanut butter.
Weetabix is home to the United Kingdom’s number one selling
ready-to-eat cereal brand, Weetabix®. Michael Foods and Bob
Evans Farms are leaders in refrigerated foods, delivering
innovative, value-added egg and refrigerated potato side dish
products to the foodservice and retail channels. Post participates
in the private brand food category through its ownership interest
in 8th Avenue Food & Provisions, Inc. For more information,
visit www.postholdings.com.
Contact:Investor RelationsDaniel
O’Rourkedaniel.orourke@postholdings.com(314) 806-3959
Media RelationsLisa Hanlylisa.hanly@postholdings.com(314)
665-3180
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