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The Foxconn of the packaged food industry, manufacturing private label products for grocery stores.

A General Mills that exclusively makes store-brand versions of cereals, snacks, and meals for grocery chains.

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• Baked Goods & Snacks: Manufactures a variety of private label cookies, crackers, snack bars, pretzels, and salty snacks.
• Beverages: Produces non-dairy creamers, single-serve beverages, broths, and hot cereals for private label brands.
• Condiments & Sauces: Offers private label salad dressings, BBQ sauces, marinades, syrups, and other condiments.
• Meal Solutions: Provides private label pasta, pasta sauces, jams, jellies, pie fillings, and other cooking ingredients.
• Pickles & Related Products: Specializes in private label pickles, peppers, relishes, and olives.

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Treehouse Foods (THS) primarily sells its products to other companies, specifically large grocery retailers and food service distributors. As a major private label food and beverage manufacturer, Treehouse Foods produces items that are sold under the brands of these retail and food service customers.

While the company's annual filings (10-K reports) indicate that its business is highly concentrated with a few large customers, the specific names of these customer companies are typically not disclosed publicly due to confidentiality and the competitive nature of the private label business. For instance, in its filing for the fiscal year ended December 31, 2023, Treehouse Foods stated that its largest customer accounted for approximately 11% of its net sales.

Therefore, while we know the primary customer types are large grocery retailers and food service companies, the individual names of these customer companies and their public symbols cannot be provided as they are not publicly disclosed by Treehouse Foods.

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Steven Oakland, Chairman, Chief Executive Officer, and President

Steven Oakland has served as a Director of Treehouse Foods since March 2, 2018, as CEO and President since March 26, 2018, and as Chair of the Board since April 27, 2023. Prior to joining Treehouse Foods, he served as Vice Chair and President, U.S. Food and Beverage of The J.M. Smucker Company from May 2016 to February 2018. His career at Smucker's included various senior positions such as President, Coffee and Foodservice; President, International Food Service; and President, U.S. Retail-Smucker's Jif and Hungry Jack. He also served as General Manager of Smucker's Canadian operations from 1995 to 1999. Oakland currently serves on the board of The Andersons (Nasdaq: ANDE). He previously served on the board of directors of Foot Locker, Inc. from 2014 to 2025.

Patrick M. O'Donnell, Executive Vice President and Chief Financial Officer

Patrick O'Donnell joined Treehouse Foods on July 17, 2017, and has held various leadership roles within the finance department. He has served as Executive Vice President, Chief Financial Officer since April 2023. Before this, O'Donnell was Chief Accounting Officer from 2022 to 2023 and Vice President and Corporate Controller from 2020 to 2022. He also led Corporate Financial Planning & Analysis from 2019 to 2020. Prior to his tenure at Treehouse, Mr. O'Donnell spent over 14 years at PricewaterhouseCoopers in roles of increasing responsibility.

Kristy N. Waterman, Executive Vice President, Chief Human Resources Officer, General Counsel, and Corporate Secretary

Kristy N. Waterman joined Treehouse Foods on July 1, 2021, as Executive Vice President, General Counsel, and Corporate Secretary. In January 2022, she was additionally appointed Chief Human Resources Officer. Before joining Treehouse Foods, Ms. Waterman served as SVP, Strategy and Chief Administrative Officer of DFA Dairy Brands, a division of Dairy Farmers of America, from April 2020 to July 2021.

Steve Landry, Senior Vice President, Chief Operations Officer

Steve Landry joined Treehouse Foods on February 14, 2022, as Senior Vice President, Chief Operations Officer. Prior to Treehouse Foods, Mr. Landry served as Chief Operations Officer for Country Pure Foods from April 2021 to November 2021. He also held various operations leadership roles at The J.M. Smucker Company from June 2002 to April 2021, most recently as VP, Operations. Mr. Landry began his career in Operations and Continuous Improvement roles at Procter & Gamble.

Amit R. Philip, Senior Vice President, Chief Strategy and Growth Officer

Amit R. Philip has been the Senior Vice President, Chief Strategy and Growth Officer of Treehouse Foods since 2022. He previously served as Senior Vice President, Chief Strategy Officer at Treehouse from 2019. Before joining Treehouse Foods, Mr. Philip was the Vice President, Global Analytics & Insights at The Hershey Company from 2011 to 2018, where he also held leadership roles in Corporate and Business Unit strategy. He was a Management Consultant with A.T. Kearney and started his career as a technology consultant with Schlumberger.

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The key risks to Treehouse Foods (THS) include:

1. Macroeconomic Pressures and Inflation: Treehouse Foods faces persistent inflationary pressures, particularly concerning raw material and packaging input costs. The company's ability to effectively implement pricing adjustments to offset these rising costs is crucial for maintaining profitability in an uncertain economic environment.
2. Competitive Landscape and Shifting Consumer Trends: The food and beverage industry is highly competitive, with Treehouse Foods contending for market share against national brands and other private-label manufacturers. The company also faces challenges from evolving consumer preferences, including health and nutrition trends, and sustained pressure on private label consumption, which could lead to reduced sales volumes and erosion of market share.
3. Supply Chain Disruptions and Operational Challenges: Treehouse Foods has encountered ongoing disruptions and inefficiencies within its supply chain, including issues related to increased labor costs and production processes. These operational hurdles have impacted the company's gross margins and overall efficiency.

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Treehouse Foods (THS) operates primarily as a manufacturer and distributor of private label packaged foods and beverages across North America, encompassing a wide array of products including snacks, beverages, and grocery items.

The addressable markets for Treehouse Foods' main products and services are sizable within the United States and North America:

• Private Label Food Market: The U.S. private label food market was valued at approximately USD 145.63 billion in 2024 and is projected to reach USD 283.36 billion by 2030. The broader Private Label Food and Beverage Market, globally, was valued at USD 482.49 billion in 2024 and is expected to grow to nearly USD 810.60 billion by 2032.
• Snack Nuts: The U.S. nuts market (including nuts as snacks and ingredients) is projected to grow from approximately USD 10.98 billion in 2025 to around USD 18.08 billion by 2034. Another estimate places the U.S. nuts market at USD 9.17 billion in 2025, reaching USD 12.20 billion by 2035.
• Sweeteners: The sweeteners market in the United States was valued at USD 16,776.2 million in 2023 and is expected to reach USD 20,056.7 million by 2030. The U.S. artificial sweeteners market alone was valued at USD 2.23 billion in 2024 and is expected to reach USD 3.01 billion by 2032.
• Coffee and Tea (Ready-to-Drink): The U.S. Ready to Drink Tea and Coffee Market is expected to reach USD 30 billion by 2030. The overall United States coffee market is projected to grow from USD 23.96 billion in 2025 to USD 28.94 billion by 2030.
• Prepared Flour Mixes & Baking Mixes: The U.S. prepared flour mixes market size was estimated at USD 7.17 billion in 2024 and is predicted to be worth around USD 15.70 billion by 2034. The broader Baking Mix & Prepared Food Production industry in the United States is estimated at USD 47.6 billion in 2025.
• Refrigerated/Frozen Dough Products: The U.S. refrigerated/frozen dough products market is estimated to be valued at USD 9.1 billion in 2025 and is anticipated to reach USD 13.9 billion by 2035.
• Breakfast Cereals: The global breakfast cereal market was estimated at USD 41.12 billion in 2024 and is projected to reach USD 50.66 billion by 2030. North America dominated this market with a 40.0% revenue share in 2024, with the U.S. holding 82.4% of North American revenue. Specifically for the U.S., the breakfast cereal market size is projected to grow to an estimated USD 20.82 billion by 2032.

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Treehouse Foods (THS) has outlined several key drivers expected to contribute to its future revenue growth over the next two to three years:

1. Category Leadership and Product Innovation: The company focuses on driving leadership and building depth within high-appeal, high-growth private label snacking and beverage categories. This strategy involves developing a robust pipeline of new products and capabilities to meet evolving consumer demands.
2. Strategic Customer Partnerships: Deepening relationships with major North American food and beverage retailers is crucial for Treehouse Foods. By aligning with their private brand priorities, the company aims to secure and expand distribution, leading to increased sales.
3. Strategic Acquisitions: Selective mergers and acquisitions are anticipated to play a role in revenue growth by expanding the company's portfolio into complementary categories or strengthening its market position. A recent example is the acquisition of the private brand tea business.
4. Pricing and Margin Management: Implementing favorable pricing strategies to recover commodity inflation is a consistent driver. This, combined with ongoing supply chain savings initiatives and operational efficiencies, is expected to enhance profitability and contribute to top-line growth.

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Share Repurchases

• TreeHouse Foods renewed its share repurchase authorization for $400 million on November 13, 2024, with an annual cap of $150 million.
• The company deployed 16% of its $1.6 billion in capital towards share buybacks from 2022 to 2024.

Share Issuance

• The number of common shares outstanding decreased from 56.4 million as of May 1, 2020, to 50.5 million as of July 25, 2025.

Inbound Investments

• On November 10, 2025, TreeHouse Foods entered into a definitive merger agreement to be acquired by Investindustrial for a total enterprise value of $2.9 billion.
• Shareholders are expected to receive $22.50 per share in cash and one non-transferable Contingent Value Right (CVR), with the upfront cash portion representing an equity value of $1.2 billion.
• The acquisition is anticipated to close in the first quarter of 2026.

Outbound Investments

• In January 2024, TreeHouse Foods acquired pickle branded assets, including Bick's and Habitant, from The J.M. Smucker Co., expanding its Pickles category into Canada.
• In January 2025, the company acquired Harris Tea for $207.6 million, aiming to strengthen its position in the private-label tea market and immediately boosting gross margins.
• From 2022 to 2024, 20% of TreeHouse's $1.6 billion in deployed capital was allocated to acquisitions.

Capital Expenditures

• TreeHouse Foods expects capital expenditures of approximately $125 million for 2025, focusing on enhancing capabilities in growing categories.
• From 2022 to 2024, 31% of the $1.6 billion in capital deployed by the company was directed towards capital expenditures and growth initiatives.
• The company has a long-term goal to achieve $250 million in gross supply-chain savings by 2027 through efforts like the TreeHouse Management Operating System and optimizing its logistics network.