Tyson Foods has agreed to sell its pizza crust manufacturing business to an affiliate of private equity firm Peak Rock Capital for an undisclosed sum.
The sale will include Tyson’s major pizza crust production business TNT Crust, which manufacturers partially-baked and self-rising pizza crusts for frozen pizza manufacturers and foodservice clients.
Tyson announced its intention to offload its pizza crust business in March, as the company stated that it wanted to focus on its core protein operations in response to changing consumer demands.
Employees at TNT Crust’s two manufacturing sites in Green Bay, Wisconsin will retain their positions under the new owner, according to Tyson.
Sally Grimes, group president, prepared foods at Tyson Foods said: “TNT Crust is a solid business supported by a great team, however, our strategy is focused on expanding Tyson Foods’ leadership position in protein.
“We’re pleased Peak Rock Capital plans to continue operating the business and provide continued opportunities for the workforce.
“We intend to work closely with them to ensure a smooth ownership transition for everyone, including our team members and customers.”
Tyson’s adapting business strategy has also led to the sale of some of its bakery operations, as the company agreed to sell its Sara Lee Frozen Bakery and Van’s businesses to private equity firm Kohlberg & Company earlier this year.
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