Troubled US food maker Aurora Foods has announced that it has entered into a definitive agreement to merge with Pinnacle Foods as part of a restructuring programme.
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Upon completion of the merger, C. Dean Metropoulos, chief executive officer of Pinnacle, will serve as chairman and CEO of the combined Pinnacle/Aurora business.
“Execution of the definitive agreement brings us closer to successfully completing Aurora’s financial restructuring through a transaction that maximizes value for Aurora’s stakeholders,” said Dale F. Morrison, Aurora’s chairman and interim CEO. “The combination of these two businesses creates a strong branded food company that will be well positioned for future growth.”
