Ralcorp Holdings has completed the acquisition of Petri Baking Products, a producer of private-brand wire-cut cookies.
Ralcorp anticipates the transaction will deliver $0.05 of GAAP accretion and $0.08 of cash accretion to adjusted diluted earnings per share in the first year of ownership, excluding one-time costs. Terms of the transaction were not disclosed.
Petri Baking Products manufactures and distributes a complete line of cookies. Through their manufacturing process, the company produces both soft style and crunchy wire-cut cookies for customers in a variety of retail channels.
Kevin Hunt, CEO and president of Ralcorp, said: "We are pleased to complete this transaction, which complements Ralcorp's cookie product offerings. We welcome the Petri Baking Products management team and employees to the Ralcorp family."
Petri Baking Products is based in Silver Creek, New York (US) and employs over 240 people. The business will operate as part of Ralcorp's Snacks, Sauces & Spreads division.
Source: Ralcorp Holdings