In connection with the merger, shares of Hillshire Brands common stock will be delisted and cease trading on the New York Stock Exchange and Chicago Stock Exchange before the opening of the respective markets on 29 August 2014.
The combination of Tyson Foods and Hillshire Brands creates a single company with more than $40bn in annual sales and a portfolio that includes recognised brands such as Tyson, Wright, Jimmy Dean, Ball Park, State Fair and Hillshire Farm.
The integration of the two companies is currently expected to generate synergy savings of $225m in fiscal 2015 and more than $500m by fiscal 2017.
Teams of people from Tyson and Hillshire have been working on integration plans since July to help make sure the combined company gets off to a good start.
A new leadership team has been selected and includes a mix of existing senior leaders from Tyson Foods and Hillshire Brands.
Andy Callahan, former president of Hillshire’s retail business, will manage all retail consumer brands, including the legacy Hillshire consumer brands (such as Jimmy Dean, Ball Park, Hillshire Farm and Sara Lee), Tyson’s consumer brands (such as Tyson frozen, value-added poultry and Wright Brand bacon) and Hillshire’s Gourmet Food Group.
Sally Grimes, former chief innovation officer and president of Hillshire’s Gourmet Food Group, will lead Tyson’s innovation (including research and development), sales and global brand strategy teams to support all products sold through retail channels and to maximise global growth of our consumer brands.
Donnie King, former president-prepared foods, customer and consumer solutions for Tyson Foods, will oversee Tyson’s legacy poultry, fresh meats and non-branded prepared foods businesses as well as the combined Tyson Foods and Hillshire foodservice businesses.
Ken Kimbro, who has led Tyson Foods’ human resources functions since 2001, will be transitioning into retirement. He will be replaced by Mary Oleksiuk, former chief human resources officer for Hillshire Brands.
Malik Sadiq, senior vice president-Asia Pacific, will oversee Tyson International on an interim basis. He takes the place of James Young who will be transitioning to the Cobb-Vantress breeding stock subsidiary in the coming months.
Sean Connolly, former president and CEO of Hillshire Brands, has chosen to pursue other interests, but will consult during the integration process.
© FoodBev Media Ltd 2024