Attached files

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8-K - 8-K - TreeHouse Foods, Inc.ths-8k_20171102.htm
EX-99.2 - EX-99.2 - TreeHouse Foods, Inc.ths-ex992_474.htm
EX-99.1 - EX-99.1 - TreeHouse Foods, Inc.ths-ex991_6.htm

 

Exhibit 99.3

 

 

 

 

 

 

NEWS RELEASE

 

 

 

 

    Contact:

Investor Relations

 

 

708.483.1300 Ext 1331            

 

TreeHouse Foods, Inc. Announces $400 Million

Share Repurchase Authorization

 

 

OAK BROOK, Ill. (November 2, 2017) – TreeHouse Foods, Inc. (NYSE: THS) announced today that its Board of Directors has approved a $400 million share repurchase authorization. The new share repurchase program represents approximately 10% of the Company’s shares outstanding. On November 2, 2017 the Board authorized the Company to enter into an administered repurchase plan for $50 million of the $400 million in the next 12 months, with the remainder to be repurchased at management’s discretion. The Company will repurchase shares opportunistically with a total annual cap of $150 million. The authorization is open ended and the Company can begin repurchasing shares on November 6, 2017.

"Today’s announcement indicates our Board’s confidence in the strength of our balance sheet and our robust cash generating capability,” said Sam K. Reed, Chairman & CEO. “It is also a reflection of our belief in our ability to deliver the TreeHouse 2020 margin objectives, as well as our continued commitment to provide value for our shareholders.”

TreeHouse plans to implement a 10b5-1 program in order to repurchase shares required to offset the dilutive impact on earnings from equity-based compensation. In addition, shares will be repurchased in the open market, through private purchases, or otherwise and will be held as treasury stock. The extent to which TreeHouse repurchases its shares and the timing of such repurchase will depend on market conditions and other factors.

 

ABOUT TREEHOUSE FOODS

 

TreeHouse Foods, Inc. is a manufacturer of packaged foods and beverages with more than 50 manufacturing facilities across the United States, Canada and Italy that focuses primarily on private label products for both retail grocery and food away from home customers. We manufacture shelf stable, refrigerated, frozen and fresh products, including beverages and beverage enhancers (single serve beverages, coffees, teas, creamers, powdered beverages and smoothies); meals (cereal, pasta, macaroni and cheese and side dishes); retail bakery (refrigerated and frozen dough, cookies and crackers); condiments (pourable and spoonable dressing, dips, pickles, sauces and aseptic soups and broths) and healthy snacks (nuts, trail mix, bars, dried fruits and vegetables). We have a comprehensive offering of packaging formats and flavor profiles, and we also offer natural, organic and preservative free ingredients in many categories. Our strategy is to be the leading supplier of private label food and beverage products by providing the best balance of quality and cost to our customers.

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: the outcome of litigation and regulatory proceedings to which we may be a party; the impact of product recalls; actions of competitors; changes and developments affecting our industry; quarterly or cyclical variations in financial results; our ability to obtain suitable pricing for our products; development of new products and services; our level of indebtedness; the availability of financing on commercially reasonable terms; cost of borrowing; our ability to maintain and improve cost efficiency of operations; changes in foreign currency exchange rates; interest rates; raw material and commodity costs; changes in economic conditions; political conditions; reliance on third parties for manufacturing of products and provision of services; general U.S. and global economic conditions; the financial condition of our customers and suppliers; consolidations in the retail grocery and foodservice industries; our ability to continue to make acquisitions in accordance with our business strategy or effectively manage the growth from acquisitions; 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 Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2017, our Annual Report on Form 10-K for the year ended December 31, 2016, 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.