Pinnacle Foods Group acquires Armour dry food products business

02/03/06 Pinnacle Foods Group Inc. has announced that it has acquired certain assets and assumed certain liabilities relating to The Dial Corporation's Armour® food products business for $183 million in cash, subject to certain potential post-closing purchase price adjustments.

C. Dean Metropoulos, Pinnacle chairman and chief executive officer, said, "Combining the strong Armour dry food products business with our portfolio of products will provide Pinnacle's brands with further growth opportunities and scale. We expect this transaction to build substantial long-term value for our company."

Pinnacle is a leading producer, marketer and distributor of high-quality branded food products in the frozen foods and dry foods segments. The frozen foods segment consists primarily of Swanson® and Hungry Man® frozen dinners and entrees; Van de Kamp's® and Mrs. Paul's® frozen seafood; Aunt Jemima® frozen breakfasts and Lender's® bagels. The dry foods segment consists primarily of Vlasic® pickles, peppers and relish; Duncan Hines® baking mixes and frostings and Mrs. Butterworth's® and Log Cabin® syrups and pancake mixes.

Dial's food products business is a leading player in the dry canned meat category with the majority of its sales under the "Armour" brand name. Armour maintains the leading market position in the Vienna sausage, potted meat, and sliced beef categories. The business also includes meat spreads, chili, luncheon meat, corned and roast beef hash, beef stew, and lunch buckets.

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