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THS Treehouse Foods

Filed: 11 Dec 20, 4:26pm

Exhibit 99.1

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 NEWS RELEASE
   
 Contact:Investor Relations
  708.483.1300 Ext 1331            

TreeHouse Foods Completes Acquisition of Majority of Ebro’s Riviana Foods U.S. Branded Pastas

OAK BROOK, Ill. (December 11, 2020) – TreeHouse Foods (NYSE: THS) announced that it has completed the acquisition of the majority of Ebro’s Riviana Foods U.S. branded pasta business for $242.5 million in cash, subject to customary adjustments based on inventory at closing.

“I want to welcome our newest members of the pasta team to TreeHouse,” said Steve Oakland, CEO and President of TreeHouse Foods. “This acquisition represents a wonderful opportunity to not only strengthen our portfolio, but to bring together strong industry talent which will enable us to better serve our customers and to deliver greater value to our shareholders.”

TreeHouse expects the acquisition to be accretive by $0.20 to $0.30 per share in the first full year. Normalized revenue for the acquired pasta business is expected to be between $170 and $180 million and normalized EBITDA is projected to be between $25 and $30 million, pre-synergies. Because the acquisition was structured as an asset purchase, TreeHouse expects to realize approximately $40 million in cash tax benefits on a net present value basis.

The acquisition included the following regional pasta brands: Skinner, No Yolks, American Beauty, Creamette, San Giorgio, Prince and Light 'n Fluffy, Mrs. Weiss', New Mill, P&R Procino-Rossi and Wacky Mac, as well as the St. Louis manufacturing facility, which employs approximately 90 people.

TreeHouse funded the acquisition and related fees and expenses with cash on hand.

ABOUT TREEHOUSE FOODS

TreeHouse Foods, Inc. is a leading manufacturer and distributor of private label packaged foods and beverages in North America. We have nearly 40 production facilities across North America and Italy, and our vision is to be the undisputed solutions leader for custom brands for our customers. Our extensive product portfolio includes snacking, beverages and meal preparation products, available in shelf stable, refrigerated, frozen and fresh formats. We have a comprehensive offering of packaging formats and flavor profiles, and we also offer clean label,



organic and preservative-free ingredients across almost our entire portfolio. Our purpose is to make high quality food and beverages affordable to all.

Additional information, including TreeHouse's most recent statements on Forms 10-Q and 10-K, may be found at TreeHouse's website, http://www.treehousefoods.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and other information are based on our beliefs, as well as assumptions made by us, using information currently available. The words "anticipate," "believe," "estimate," "project," "expect," "intend," "plan," "should," and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or intended. We do not intend to update these forward-looking statements following the date of this press release.

Such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this press release and other public statements we make. Such factors include, but are not limited to: risks related to the impact of the recent COVID-19 outbreak on our business, suppliers, consumers, customers and employees; the success of our restructuring programs, our level of indebtedness and related obligations; disruptions in the financial markets; interest rates; changes in foreign currency exchange rates; customer concentration and consolidation; raw material and commodity costs; competition; disruptions or inefficiencies in our supply chain and/or operations, including from the recent COVID-19 outbreak; our ability to continue to make acquisitions in accordance with our business strategy; changes and developments affecting our industry, including consumer preferences; the outcome of litigation and regulatory proceedings to which we may be a party; product recalls; changes in laws and regulations applicable to us; disruptions in or failures of our information technology systems; labor strikes or work stoppages; and other risks that are set forth in the Risk Factors section, the Legal Proceedings section, the Management's Discussion and Analysis of Financial Condition and Results of Operations section, and other sections of our Annual Report on Form 10-K for the year ended December 31, 2019, and from time to time in our filings with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made when evaluating the information presented in this press release. TreeHouse expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in its expectations with regard thereto, or any other change in events, conditions or circumstances on which any statement is based.