Hillshire Brands Agrees to Acquire Golden Island Jerky (HSH)
Early on Tuesday, Hillshire Brands Co (HSH), manufacturer of meat-based food products, announced that it has signed an agreement to acquire Golden Island, a leader in the gourmet jerky products category.
The terms of the deal were not disclosed, and the transaction is expected to be completed by the end of September.
“We are excited to add Golden Island to our strong portfolio of brands, as it provides an entry point into the attractive dried meat snacks category,” said Sean Connolly, president and chief executive officer, The Hillshire Brands Company. “This highly appealing category generates retail sales of more than $2 billion annually and has had 10 percent volume growth over the past two years.”
Connolly added, “While we are excited about our future prospects in this category, this is a small acquisition for us and is not expected to have a material impact on our earnings this fiscal year.”
Golden Island will be integrated into Hillshire Brands’ Gourmet Food Group segment.
Hillshire Brands shares were inactive during pre-market trading on Tuesday. The stock is up 14.82% year-to-date.
The Bottom Line
Shares of Hillshire Brands (HSH) offer a dividend yield of 2.17% based on Friday’s closing price of $32.31 and the company’s annualized dividend payout of 70 cents per share.
Hillshire Brands Co (HSH) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Get FREE Dividend Tips, Updates & MoreWe respect your privacy
- Powerful dividend insights sent every weekday morning
- Gain instant access to actionable investing tips
- Strategically grow your portfolio’s profitability