THOMASVILLE, Ga. — Flowers Foods, Inc. confirmed that it has received regulatory approval pursuant to the Hart-Scott-Rodino Act to acquire the Wonder, Nature's Pride, Merita, Home Pride, and Butternut bread brands; 20 bakeries; and 36 depots from Old HB, Inc., formerly known as Hostess Brands. Flowers expects to complete the transaction in the coming weeks.
In February 2013, the company announced its agreement to purchase the assets from Old HB, Inc. for $360 million was declared the best and highest bid for such assets. In March 2013, the court overseeing the Old HB, Inc. bankruptcy proceeding approved the sale.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods for retail and foodservice customers in the United States with 2012 sales of $3.05 billion. Flowers operates 44 bakeries that produce a wide range of bakery products. Among the company's top brands are Nature's Own and Tastykake. Learn more at www.flowersfoods.com.
Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements in this press release, including, but not limited to statements regarding the timing of the transactions and required approvals, the combined company's plans, objectives, expectations and intentions, the expected impact of the acquisition on the future earnings of Flowers, anticipated benefits of the acquisition and expected business opportunities that may be available, and the manner in which Flowers intends to finance the acquisition, are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) risks relating to (1) the court-approved bankruptcy process and the ability of the parties to obtain necessary regulatory approvals, satisfy all applicable conditions and consummate the acquisition, (2) the ability of Flowers to integrate the acquired assets into it existing business and operate the combined business effectively and (3) the ability of Flowers to achieve the anticipated sales for 2013, (b) competitive conditions in the baked foods industry, including promotional and price competition, (c) changes in consumer demand for our products, (d) the success of productivity improvements and new product introductions, (e) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (f) fluctuations in commodity pricing, (g) our ability to fully integrate recent acquisitions into our business, and (h) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value. In addition, our results may also be affected by general factors such as economic and business conditions (including the baked foods markets), interest and inflation rates and such other factors as are described in the company's filings with the Securities and Exchange Commission.
Source: Flowers Foods, Inc