Cereal maker Post is buying Michael Foods
Post Holdings has agreed to buy Minnetonka-based Michael Foods for $2.45 billion, the companies said Thursday.
Post is best known for its cereals, including grape nuts and Honey Bunches of Oats. But the St. Louis, Mo.-based firm has been trying to broaden the array of foods in its portfolio.
Michael Foods is Post's largest purchase to date and adds specialty egg and refrigerated potato products, as well as cheese and other dairy foods to the company's product line-up.
Michael Foods brands include Crystal Farms. The company employs about 3,700 people worldwide with sales of about $2 billion last year and earned $260 million before taxes and other adjustments. Post says it will keep Michael's management team.
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