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'''The Hillshire Brands Company''' was an American food company based in [[Chicago]], [[Illinois]]. Prior to its acquisition by [[Tyson Foods]], the company employed over 9,000 people and generated nearly $4 billion in annual sales.<ref> |
'''The Hillshire Brands Company''' was an American food company based in [[Chicago]], [[Illinois]]. Prior to its acquisition by [[Tyson Foods]], the company employed over 9,000 people and generated nearly $4 billion in annual sales.<ref>{{cite web |url=https://finance.yahoo.com/q?s=hsh |title=Hillshire Brands Company Financial Information |year=2014 |website=Yahoo! Finance}}</ref> |
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{{cite web |
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|url=https://finance.yahoo.com/q?s=hsh |
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|title=Hillshire Brands Company Financial Information |
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|year=2014 |
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|publisher=Yahoo Finance |
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}}</ref> |
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==History== |
==History== |
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===Founding and early years=== |
===Founding and early years=== |
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{{See also|Sara Lee Corporation}} |
{{See also|Sara Lee Corporation}} |
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Hillshire Brands made its debut on June 29, 2012, after the former [[Sara Lee Corporation]] spun off its international coffee and tea division and renamed the remaining units of the company Hillshire Brands. It began trading on the [[NYSE]] that same day under the [[Ticker symbol|ticker]] HSH.<ref> |
Hillshire Brands made its debut on June 29, 2012, after the former [[Sara Lee Corporation]] spun off its international coffee and tea division and renamed the remaining units of the company Hillshire Brands. It began trading on the [[NYSE]] that same day under the [[Ticker symbol|ticker]] HSH.<ref>{{cite news |url=http://usatoday30.usatoday.com/money/companies/story/2012-06-06/sara-lee-hillshire-brands/55416180/1 |title=Sara Lee splits, takes Hillshire name for N. American business |newspaper=[[USA Today]] |agency=[[Associated Press]] |date=6 June 2012}}</ref> |
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{{cite news |
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|url=http://usatoday30.usatoday.com/money/companies/story/2012-06-06/sara-lee-hillshire-brands/55416180/1 |
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|title=Sara Lee splits, takes Hillshire name for N. American business |
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|work=[[USA Today]] |
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|agency=[[Associated Press]] |
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|date=6 June 2012 |
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}}</ref> |
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Under the terms of the deal, Sara Lee's stock underwent a one-for-five reverse split. As of June 27, 2012, all Sara Lee shareholders saw their holdings transform into Hillshire Brands shares and shrink by a factor of five. In addition, each former Sara Lee shareholder received shares in [[D.E. Master Blenders 1753]] on a one-to-one basis. The company paid out a concurrent $3 special cash dividend on all D.E Master Blenders 1753 shares.<ref> |
Under the terms of the deal, Sara Lee's stock underwent a one-for-five reverse split. As of June 27, 2012, all Sara Lee shareholders saw their holdings transform into Hillshire Brands shares and shrink by a factor of five. In addition, each former Sara Lee shareholder received shares in [[D.E. Master Blenders 1753]] on a one-to-one basis. The company paid out a concurrent $3 special cash dividend on all D.E Master Blenders 1753 shares.<ref>{{cite news |url=http://arbideas.com/looking-back-sara-lees-hillshire-brands-spin-off-unlocks-value/ |title=Looking Back: Sara Lee's Hillshire Brands Spin-Off Unlocks Value |work=Arbideas |date=12 February 2013}}</ref> |
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{{cite news |
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|url=http://arbideas.com/looking-back-sara-lees-hillshire-brands-spin-off-unlocks-value/ |
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|title=Looking Back: Sara Lee's Hillshire Brands Spin-Off Unlocks Value |
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|work=Arbideas |
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|agency= |
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|date=12 February 2013 |
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}}</ref> |
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In May 2013 the split was recognized among the six most successful [[Fortune 500]] companies’ spinoffs by ''[[Fortune (magazine)|Fortune]]'' |
In May 2013 the split was recognized among the six most successful [[Fortune 500]] companies’ spinoffs by ''[[Fortune (magazine)|Fortune]]''.<ref>{{cite news |url=https://money.cnn.com/gallery/news/companies/2013/05/06/500-spinoffs.fortune/5.html |title=6 spinoff successes |work=[[CNN Money]] |date=6 May 2013}}</ref> |
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{{cite news |
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|url=https://money.cnn.com/gallery/news/companies/2013/05/06/500-spinoffs.fortune/5.html |
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|title=6 spinoff successes |
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|work=[[CNN Money]] |
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|agency= |
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|date=6 May 2013 |
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}}</ref> |
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During the fiscal year 2013 roughly three quarters of Hillshire's revenues (74%) were generated through retail channels while the foodservice business accounted for 26% of the company's sales.<ref> |
During the fiscal year 2013 roughly three quarters of Hillshire's revenues (74%) were generated through retail channels while the foodservice business accounted for 26% of the company's sales.<ref>{{cite news |url=https://www.reuters.com/finance/stocks/companyProfile?symbol=HSH |archive-url=https://web.archive.org/web/20140714135047/http://www.reuters.com/finance/stocks/companyProfile?symbol=HSH |url-status=dead |archive-date=2014-07-14 |title=Company Profile |work=[[Reuters]] |date=}}</ref> |
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{{cite news |
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|url=https://www.reuters.com/finance/stocks/companyProfile?symbol=HSH |
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|archive-url=https://web.archive.org/web/20140714135047/http://www.reuters.com/finance/stocks/companyProfile?symbol=HSH |
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|url-status=dead |
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|archive-date=2014-07-14 |
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|title=Company Profile |
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|work=[[Reuters]] |
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|date= |
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}}</ref> |
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===Abandoned merger with Pinnacle Foods=== |
===Abandoned merger with Pinnacle Foods=== |
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{{See also|Pinnacle Foods}} |
{{See also|Pinnacle Foods}} |
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In May 2014, Hillshire Brands announced it was buying [[Pinnacle Foods]] for [[United States dollar|US]]$4.23 billion in a [[Mergers and acquisitions#Cash|cash]] and [[Mergers and acquisitions#Stock|stock]] deal. Pinnacle Foods brands include [[Birds Eye]], [[Duncan Hines]], [[Hungry-Man]] and [[Swanson]] frozen [[TV dinner]]s, among many others.<ref>{{cite |
In May 2014, Hillshire Brands announced it was buying [[Pinnacle Foods]] for [[United States dollar|US]]$4.23 billion in a [[Mergers and acquisitions#Cash|cash]] and [[Mergers and acquisitions#Stock|stock]] deal. Pinnacle Foods brands include [[Birds Eye]], [[Duncan Hines]], [[Hungry-Man]] and [[Swanson]] frozen [[TV dinner]]s, among many others.<ref>{{cite news |url=https://abcnews.go.com/Business/wireStory/hillshire-brands-buying-pinnacle-foods-423b-23677758 |title=Hillshire Brands Buying Pinnacle Foods for $4.23B |author=<!--Staff writer(s); no by-line.--> |date=May 12, 2014 |website=[[ABC News]] |access-date=May 12, 2014}}</ref> Days later, [[Pilgrim's Pride]] threatened the deal with its own bid for Hillshire Brands for $6.4 billion.<ref>{{cite news |last=Baertlein |first=Lisa |date=May 27, 2014 |title=Pilgrim's bid for Hillshire puts pinnacle deal in peril |url=https://www.reuters.com/article/us-hillshire-brands-offer-idUSKBN0E717K20140527 |work=[[Reuters]] |access-date=May 28, 2014 }}</ref> To complicate matters further, on 29 May 2014, [[Tyson Foods]] announced a $6.13 billion cash bid for Hillshire Brands. On 9 June 2014 Hillshire announced it had received a revised bid from Tysons valuing the company at $8.55 billion. Pilgrim's Pride simultaneously announced it had withdrawn its bid.<ref name="WinningBid">{{cite news |title=Tyson Foods wins battle to buy Hillshire Brands |url=http://thebostonjournal.com/2014/05/29/tyson-offers-to-buy-hillshire-in-6-8-billion-deal/ |access-date=10 June 2014 |newspaper=The Boston Journal |archive-url=https://web.archive.org/web/20150529162950/http://thebostonjournal.com/2014/05/29/tyson-offers-to-buy-hillshire-in-6-8-billion-deal/ |archive-date=29 May 2015 |url-status=dead}}</ref> |
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===Acquisition by Tyson Foods=== |
===Acquisition by Tyson Foods=== |
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{{See also|Tyson Foods}} |
{{See also|Tyson Foods}} |
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On June 30, 2014, it was announced that [[Pinnacle Foods]] had scrapped its sale to Hillshire Brands, which would allow Hillshire to be acquired by [[Tyson Foods]]. Pinnacle would receive a $163 million payment as part of the breakup from Hillshire, and Pinnacle would also receive an expected $25 million in one-time costs connected to the nixed sale.<ref>{{cite news|title=Pinnacle Foods Lets Hillshire out of Sale Pact|url=https://abcnews.go.com/Business/wireStory/pinnacle-foods-lets-hillshire-sale-pact-24372071|access-date=30 June 2014|agency=Associated Press|work=ABC News|date=30 June 2014}}</ref><ref>{{cite web|last1=Team|first1=Trefis|title=Hillshire Brands Moves To End Pinnacle Deal In Light Of Tyson Foods' Offer|url=https://www.forbes.com/sites/greatspeculations/2014/06/17/hillshire-brands-moves-to-end-pinnacle-deal-in-light-of-tyson-foods-offer/|work=Forbes|access-date=30 June 2014}}</ref> |
On June 30, 2014, it was announced that [[Pinnacle Foods]] had scrapped its sale to Hillshire Brands, which would allow Hillshire to be acquired by [[Tyson Foods]]. Pinnacle would receive a $163 million payment as part of the breakup from Hillshire, and Pinnacle would also receive an expected $25 million in one-time costs connected to the nixed sale.<ref>{{cite news |title=Pinnacle Foods Lets Hillshire out of Sale Pact |url=https://abcnews.go.com/Business/wireStory/pinnacle-foods-lets-hillshire-sale-pact-24372071 |access-date=30 June 2014 |agency=Associated Press |work=ABC News |date=30 June 2014}}</ref><ref>{{cite web |last1=Team |first1=Trefis |title=Hillshire Brands Moves To End Pinnacle Deal In Light Of Tyson Foods' Offer |url=https://www.forbes.com/sites/greatspeculations/2014/06/17/hillshire-brands-moves-to-end-pinnacle-deal-in-light-of-tyson-foods-offer/ |work=Forbes |access-date=30 June 2014}}</ref> |
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==Portfolio == |
==Portfolio == |
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Hillshire Brands was a manufacturer and marketer of packaged meat and frozen bakery products for the retail and foodservice markets, and a wholly-owned subsidiary of [[Tyson Foods]]. The company's portfolio of brands included [[Jimmy Dean (brand)|Jimmy Dean]], [[Ball Park Franks|Ball Park]], [[Hillshire Farm]], [[Kahn's|Kahns]], State Fair, [[Sara Lee Corporation|Sara Lee]], Chef Pierre Pies, Aidells, Gallo Salame and Golden Island Premium Jerky.<ref> |
Hillshire Brands was a manufacturer and marketer of packaged meat and frozen bakery products for the retail and foodservice markets, and a wholly-owned subsidiary of [[Tyson Foods]]. The company's portfolio of brands included [[Jimmy Dean (brand)|Jimmy Dean]], [[Ball Park Franks|Ball Park]], [[Hillshire Farm]], [[Kahn's|Kahns]], State Fair, [[Sara Lee Corporation|Sara Lee]], Chef Pierre Pies, Aidells, Gallo Salame and Golden Island Premium Jerky.<ref>{{cite web |url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjAxNzQ1fENoaWxkSUQ9LTF8VHlwZT0z&t=1 |title=Hillshire Brands Annual Report |year=2013 |website=Hillshire Brands}}</ref><ref>{{cite news| url=https://www.wsj.com/articles/SB10001424052702304279904579515314053395766| title=Hillshire Brands to Acquire Van's Natural Foods| last=Gee| first=Kelsey| newspaper=[[The Wall Street Journal]]| issn=0099-9660| access-date=2016-03-08| url-access=subscription}}</ref> |
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{{cite web |
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|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjAxNzQ1fENoaWxkSUQ9LTF8VHlwZT0z&t=1 |
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|title=Hillshire Brands Annual Report |
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|year=2013 |
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|publisher=Hillshire Brands |
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}}</ref><ref>{{Cite news|url = https://www.wsj.com/articles/SB10001424052702304279904579515314053395766|title = Hillshire Brands to Acquire Van's Natural Foods|last = Gee|first = Kelsey|newspaper = Wall Street Journal|issn = 0099-9660|access-date = 2016-03-08}}</ref> |
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==See also== |
==See also== |
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 | |
| Company type | Subsidiary |
|---|---|
| Industry | Consumer goods |
| Predecessor | Sara Lee Corporation |
| Founded | June 29, 2012 (2012-06-29) |
| Defunct | July 3, 2014 (2014-07-03) |
| Fate | Acquired by Tyson Foods |
| Headquarters |
Chicago, Illinois
,
USA
|
Key people | Sean Connolly (President and CEO) |
| Divisions | Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Aidells, Gallo Salame, Sara Lee Frozen Bakery and Chef Pierre Pies, Golden Island Premium Jerkey |
The Hillshire Brands Company was an American food company based in Chicago, Illinois. Prior to its acquisition by Tyson Foods, the company employed over 9,000 people and generated nearly $4 billion in annual sales.[1]
Hillshire Brands made its debut on June 29, 2012, after the former Sara Lee Corporation spun off its international coffee and tea division and renamed the remaining units of the company Hillshire Brands. It began trading on the NYSE that same day under the ticker HSH.[2]
Under the terms of the deal, Sara Lee's stock underwent a one-for-five reverse split. As of June 27, 2012, all Sara Lee shareholders saw their holdings transform into Hillshire Brands shares and shrink by a factor of five. In addition, each former Sara Lee shareholder received shares in D.E. Master Blenders 1753 on a one-to-one basis. The company paid out a concurrent $3 special cash dividend on all D.E Master Blenders 1753 shares.[3]
In May 2013 the split was recognized among the six most successful Fortune 500 companies’ spinoffs by Fortune.[4]
During the fiscal year 2013 roughly three quarters of Hillshire's revenues (74%) were generated through retail channels while the foodservice business accounted for 26% of the company's sales.[5]
In May 2014, Hillshire Brands announced it was buying Pinnacle Foods for US$4.23 billion in a cash and stock deal. Pinnacle Foods brands include Birds Eye, Duncan Hines, Hungry-Man and Swanson frozen TV dinners, among many others.[6] Days later, Pilgrim's Pride threatened the deal with its own bid for Hillshire Brands for $6.4 billion.[7] To complicate matters further, on 29 May 2014, Tyson Foods announced a $6.13 billion cash bid for Hillshire Brands. On 9 June 2014 Hillshire announced it had received a revised bid from Tysons valuing the company at $8.55 billion. Pilgrim's Pride simultaneously announced it had withdrawn its bid.[8]
On June 30, 2014, it was announced that Pinnacle Foods had scrapped its sale to Hillshire Brands, which would allow Hillshire to be acquired by Tyson Foods. Pinnacle would receive a $163 million payment as part of the breakup from Hillshire, and Pinnacle would also receive an expected $25 million in one-time costs connected to the nixed sale.[9][10]
Hillshire Brands was a manufacturer and marketer of packaged meat and frozen bakery products for the retail and foodservice markets, and a wholly-owned subsidiary of Tyson Foods. The company's portfolio of brands included Jimmy Dean, Ball Park, Hillshire Farm, Kahns, State Fair, Sara Lee, Chef Pierre Pies, Aidells, Gallo Salame and Golden Island Premium Jerky.[11][12]
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