Post Holdings’ Michael Foods Business Announces Plan to Build $85 Million Manufacturing Facility
- Norwalk, Iowa named site for new pre-cooked egg manufacturing and distribution facility
- Creation of 100-150 jobs anticipated
- Construction to start in summer 2018
ST. LOUIS, Feb. 16, 2018 (GLOBE NEWSWIRE) — Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, announced plans for its Michael Foods business to build a 150,000 square-foot manufacturing and distribution facility in Norwalk, Iowa.
Construction on the $85 million project is targeted to begin in summer 2018. The plant, which will process eggs and pre-cooked egg products, will be completed in 2019. The facility is expected to create 100-150 new jobs initially, ranging from entry-level to skilled in management, operations, finance and production.
“We looked at numerous locations in the Midwest, and Norwalk had many advantages. We look forward to Michael Foods becoming a preferred employer in the area and being part of the community,” said Steve Schonhoff, senior vice president of integrated supply chain.
“We are delighted that the internal growth at Michael Foods supports this expansion,” said Rob Vitale, president and chief executive officer of Post Holdings, Inc. “We believe it will further enhance our position as the nation’s leader in valued added egg products.”
Michael Foods is based in Minnetonka, Minnesota. The company’s foodservice brands include Papetti’s and Simply Potatoes. Michael Foods is the largest processor of value-added eggs in the United States.
Forward-Looking Statements
Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, are made throughout this press release. These forward-looking statements are sometimes identified from the use of forward-looking words such as “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may,” or “would” or the negative of these terms or similar expressions elsewhere in this release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, unanticipated developments that prevent, delay or negatively impact the building of the new facility and other financial, operational and legal risks and uncertainties detailed from time to time in Post Holdings, Inc.’s cautionary statements contained in its filings with the Securities and Exchange Commission. These forward-looking statements represent Post Holdings, Inc.’s judgment as of the date of this press release. Post Holdings, Inc. disclaims, however, any intent or obligation to update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer-packaged goods holding company operating in the center-of-the-store, foodservice, food ingredient, refrigerated, active nutrition and private label food categories. Through its Post Consumer Brands business, Post is a leader in the North American ready-to-eat cereal category offering a broad portfolio including recognized brands such as Honey Bunches of Oats®, Pebbles™, Great Grains® and Malt-O-Meal® bag cereal. Post also is a leader in the United Kingdom ready-to-eat cereal category with the iconic Weetabix® brand. Through Michael Foods, Post supplies innovative, value-added egg and refrigerated potato products to the foodservice and food ingredient channels. Through its refrigerated retail business, Post is a leader in the refrigerated side dish category offering potato, egg, sausage and cheese products through the Bob Evans®, All Whites®, Better’n Eggs®, Simply Potatoes® and Crystal Farms® brands. Post’s Active Nutrition platform aids consumers in adopting healthier lifestyles through brands such as Premier Protein®, PowerBar® and Dymatize®. Post’s Private Brands business manufactures private label peanut butter and other nut butter, dried fruit and nut, pasta and granola products. For more information, visit www.postholdings.com.