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TreeHouse to Open Office in Omaha for Ex-ConAgra Workers

TreeHouse Foods Inc. THS recently signed a lease for an office space in Omaha, NE for a period of 10 years and three months. The 70,000-square-foot office occupies three floors of the building and will accommodate the 280 employees who transitioned to the company after it acquired ConAgra Foods Inc.’s (CAG) Private brand in Feb 2016.

The building located at 10825 Farnam Drive will house the Customer Service, Information Technology, Operations, Procurement, Research and Development and Supply Chain departments. Employees will begin to move in to the new building late this summer.

ConAgra Foods sold the Private label segment to TreeHouse Foods for $2.7 billion in cash excluding deal-related costs to lower its debt level. Per the agreement, ConAgra sold a chain of 32 production hubs located in Italy, Canada and the U.S., transferring roughly 9,500 employees in Downers Grove, St. Louis and Omaha to TreeHouse.

Recently, TreeHouse’s wholly owned subsidiary, Bay Valley, announced that it will shut down the Ayer, MA facility, currently employing 100 workers, in the third quarter of fiscal 2016 to cut costs and improve efficiency.
The Oak Brook, IL-based company has a long-term earnings growth rate of 16.00%. The company is expected to report fiscal first-quarter results on May 5.

TreeHouse Foods currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the food/miscellaneous and diversified sector are Kellogg Company K, Sysco Corporation SYY and McCormick & Company, Incorporated MKC. All these stocks carry a Zacks Rank #2 (Buy).

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SYSCO CORP (SYY): Free Stock Analysis Report
 
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