Dive Brief:
- Hillshire Brands Co. has agreed to buy Pinnacle Foods Inc. for a reported $6.6 billion, including debt.
- Following the deal, the company will add Vlasic pickles and Snyder of Berlin brands, among others, to a portfolio that already includes Jimmy Dean, Sara Lee, and Ball Park products.
- Hillshire says that it expects the deal to generate $140 million in annual cost savings.
Dive Insight:
In its third purchase in less than a year, Hillshire seems to be on an acquisition streak. This latest move will expand the company's presence in the frozen foods aisle with noticeable names like Hungry Man and Birds Eye being added to its roster. And it might be growing even more: Both Pinnacle and Hillshire had been mentioned as possible buyers for Unilever's Ragu unit.