Pinnacle Foods
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| Public | |
| Traded as | : PF |
| Industry | Food processing |
| Founded | 1998 (as Vlasic Foods International) |
| Headquarters | Parsippany, New Jersey, U.S. |
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Key people
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Roger Deromedi, Chairman Mark A. Clouse (CEO) Craig Steenek, CFO Christopher Boever, EVP, CCO Mary Beth DeNooyer, EVP, CHRO D. Michael Wittman, EVP, CSCO M. Kelley Maggs, Secretary, General Counsel Mark Schiller, EVP, President North America Retail |
| Products | Frozen food, Condiments, Baking mixes, Packaged meat |
| Revenue | $2.5 billion USD(2010) |
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Number of employees
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4,000 |
| Website | www.pinnaclefoods.com |
Pinnacle Foods, Inc., is a packaged foods company, headquartered in Parsippany, New Jersey, that specializes in the shelf stable and frozen food categories.
The company was founded in 1998 as Vlasic Foods International, acquiring the Swanson TV dinners, Open Pit and Vlasic Pickles brands from the Campbell Soup Company. In March 2004, it acquired Aurora Foods of St. Louis, Missouri. In 2009, Pinnacle Foods acquired Birds Eye Foods, Inc.
Aurora Foods was founded by Ian Wilson, a former executive with Coca-Cola and Dole, in 1995. Wilson eventually used Aurora to purchase the Van de Kamp seafood brand from Pillsbury and several other brands.These brands were in many cases market leaders, but the parent companies no longer considered them a part of their core marketing strategy, and refused to spend any more money on new marketing and development.
In 2001, Wilson and other Aurora executives pleaded guilty to securities fraud for misrepresenting its financial statements. Wilson was sentenced to 33 months in prison and fined US$1 million.
In 2000, Jim Smith, a former executive with ConAgra, was named CEO and was charged with restoring Aurora Foods to health. He remained until 2002, which set events in motion leading to Aurora's acquisition. After the 2004 merger with Pinnacle Foods, Pinnacle closed the St. Louis offices, moving its operation to Cherry Hill, New Jersey.
In 2007, Pinnacle Foods was acquired by the Blackstone Group, a private equity firm based in New York City, for $2.16 billion.
In 2009, the Swanson brand was discontinued in the U.S., but remained use in Canada; also, Pinnacle Foods acquired Birds Eye Foods, Inc. adding a mix of frozen and specialty brands to its portfolio.
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Wikipedia