This excerpt taken from the DLM 10-Q filed Dec 5, 2007.
Note 16. Subsequent Events
On November 21, 2007, the Company entered into an Asset Sale Agreement with S&W Foods International Limited (S&W International), an affiliate of Del Monte Philippines, Inc., both unrelated companies to Del Monte, to sell the S&W brand for all markets outside of North and South America, Australia and New Zealand and certain related assets. As part of the transaction, S&W International granted the Company a perpetual royalty-free license for canned fruits, canned vegetables, canned tomato products and dry soaked beans in certain specified countries in Western Europe. Under the terms of the Asset Sale Agreement, S&W International assumed certain customer-related liabilities and paid a purchase price of $10.0 plus the value of salable inventory, as defined in the Asset Sale Agreement.
This discussion is intended to further the readers understanding of the consolidated financial condition and results of operations of our company. It should be read in conjunction with the financial statements included in this quarterly report on Form 10-Q and our annual report on Form 10-K for the year ended April 29, 2007 (the 2007 Annual Report). These historical financial statements may not be indicative of our future performance. This Managements Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described in Part I, Item 1A. Risk Factors in our 2007 Annual Report and in Part II, Item 1A of this quarterly report on Form 10-Q.
This excerpt taken from the DLM 10-Q filed Mar 9, 2006.
Note 15. Subsequent Events
On March 1, 2006, DMC entered into an Asset Purchase Agreement with TreeHouse Foods, Inc. (TreeHouse). Pursuant to the Asset Purchase Agreement, DMC agreed to sell to TreeHouse certain real estate, equipment, machinery, inventory, raw materials, intellectual property and other assets that are primarily related
DEL MONTE FOODS COMPANY AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTSCONTINUED
For the three and nine months ended January 29, 2006
(In millions, except share and per share data)
to DMCs (1) private label soup business, (2) infant feeding business conducted under the brand name Natures Goodness, and (3) the food service soup business (collectively, the Businesses). Under the terms of the Asset Purchase Agreement, TreeHouse will assume certain liabilities to the extent related to the Businesses and will pay a purchase price in cash of $277.5, subject to post-closing adjustment based on a determination of working capital at closing. The divestiture of the Businesses, which is subject to anti-trust and third-party approvals and other customary closing conditions, is expected to be completed by the end of fiscal 2006.
The following table sets forth the major categories of assets and liabilities of the Businesses as of January 29, 2006:
Also on March 1, 2006, DMC entered into an agreement to acquire privately held Meow Mix Holdings, Inc. (Meow Mix) for approximately $705. Meow Mix is the maker of Meow Mix brand cat food and Alley Cat brand dry cat food. DMC expects to fund the Meow Mix acquisition with proceeds from the divestiture of the Businesses, as well as with cash from operations and additional debt. The Company expects the acquisition of Meow Mix to close in the first quarter of fiscal 2007, subject to the satisfaction of regulatory approvals and customary closing conditions. The financial results of Meow Mix are expected to be reported within the Pet Products reportable segment.