Post to Acquire Michael Foods 18 Apr 14

Michael Foods announced Thursday that it is being bought by Post for $2.45-billion.

Michael Foods, which has a facility in Gaylord, produces a broad range of egg products, potato products, and cheese and dairy-case foods under a variety of brand names, including Abbotsford Farms eggs, Simply Potatoes, Crystal Farms cheeses, and liquid egg whites.

The company reported $1.9-billion in net sales last year, an increase of 5% from the previous year.

Michael Foods employs about 3,500 people, and Post says that the company will continue to operate independently under its current leadership and management team.

The sale is expected to be completed in the second quarter of 2014 and, if approved, it will nearly double the size of Post, whose market value is about $2-billion.