Tyson Foods plans to sell its pizza crust business
Tyson has not yet disclosed the terms of the agreement. Still, an announcement was made that the two companies plan to complete the deal in September.
The company further said in its press release that TNT Crust is also included in the sale. The business was founded in 1981 and produces partially-baked and self-rising pizza crusts for frozen pizza manufacturers and foodservice customers. The 400 employees that are currently the two manufacturing facilities in Wisconsin will continue to work at the company under the new owner.
“TNT Crust is a solid business supported by a great team, however, our strategy is focused on expanding Tyson Foods’ leadership position in protein,” said Sally Grimes, Group President, Prepared Foods. “We’re pleased Peak Rock Capital plans to continue operating the business and provide continued opportunities for the workforce. We intend to work closely with them to ensure a smooth ownership transition for everyone, including our team members and customers.”
Tyson Foods is also divesting some other bakery operations. It recently completed the sale of its SARA LEE FROZEN BAKERY and VAN’S businesses to private equity firm Kohlberg & Company.
Goldman, Sachs & Co. is acting as Tyson Foods’ financial adviser on the sale.
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