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Article: Blackstone to Acquire Pinnacle Foods for $2.16 Billion and to Appoint Roger Deromedi Chairman.
- Article from:
- Business Wire
- Article date:
- February 12, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Today, The Blackstone Group ("Blackstone"), through its affiliates, announced that it has entered into a definitive agreement to acquire Pinnacle Foods Group Inc. ("Pinnacle Foods" or the "Company"), a leading manufacturer, marketer and distributor of branded food products in the United States and Canada, for approximately $2.16 billion in cash.
Roger Deromedi - former CEO of Kraft Foods Inc. - will assume the role of Chairman upon the closing of the transaction. Mr. Deromedi will support the existing management team and brings 30 years of operating experience in the food industry, both at General Foods and Kraft.
Mr. Deromedi commented, "I ...