UTZ Brands Inc

NYSE:UTZUnited States

Apr 18, 2024

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• Utz Brands Agrees to Sell Certain Assets to Our Home, from 10:33AM ET on Thursday Apr 18, 2024 by MT Newswires

  10:33AM ET on Thursday Apr 18, 2024 by MT Newswires
  Companies Mentioned: UTZ
  10:33 AM EDT, 04/18/2024 (MT Newswires) -- Utz Brands (UTZ) said Thursday some of its subsidiaries including Utz Quality Foods have agreed to sell certain assets to Our Home. As part of the deal, affiliates of Our Home will purchase Utz Brands' Berl...

• DJ Utz Brands in Deal to Sell Two Manufacturing Plants for $18.5M, from 9:43AM ET on Thursday Apr 18, 2024 by Dow Jones

  9:43AM ET on Thursday Apr 18, 2024 by Dow Jones
  Companies Mentioned: UTZ
  
  By Sabela Ojea
  
  Utz Brands is selling two of its manufacturing facilities to Our Home for $18.5 million as part of its supply chain transformation plan.
  
  The maker of chips and pretzels on Thursday said it will use $9 million from the after-tax proceeds of the sale to reduce its long-term debt. It will also add $5 million to its balance sheet.
  

• Press Release: OUR HOME ACCELERATES GROWTH WITH STRATEGIC ACQUISITIONS, from 9:07AM ET on Thursday Apr 18, 2024 by Dow Jones

  9:07AM ET on Thursday Apr 18, 2024 by Dow Jones
  Companies Mentioned: UTZ
  
  OUR HOME ACCELERATES GROWTH WITH STRATEGIC ACQUISITIONS
  
  PR Newswire
  
  BOONTON, N.J., April 18, 2024
  
  The Better-For-You Family of Snack Brands Adds Two New Manufacturing Facilities
  

• Utz Brands Announces Continued Acceleration of Supply Chain Transformation Strategy and Completes Term Loan Repricing, from 9:00AM ET on Thursday Apr 18, 2024 by Business Wire

  9:00AM ET on Thursday Apr 18, 2024 by Business Wire
  Companies Mentioned: UTZ

  Utz Brands, Inc. (NYSE: UTZ) ("Utz" or the "Company"), a leading U.S. manufacturer of branded salty snacks, today announced that certain of its subsidiaries including Utz Quality Foods, LLC have entered into a definitive agreement for the sale of certain assets to Our Home(TM) ("Our Home"). Under the agreement, affiliates of Our Home have agreed to purchase the Company's Berlin, PA, and Fitchburg, MA manufacturing facilities and certain related assets. This follows a separate transaction in February 2024, in which Our Home purchased three manufacturing facilities and two brands from Utz.

• Utz Brands Announces Continued Acceleration of Supply Chain Transformation Strategy and Completes Term Loan Repricing, from 9:00AM ET on Thursday Apr 18, 2024 by Dow Jones

  9:00AM ET on Thursday Apr 18, 2024 by Dow Jones
  Companies Mentioned: UTZ
  
  adjustments.
  
  Forward-Looking Statements
  
  This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this press release include, without limitation, statements related to the planned sale of the Berlin, PA and Fitchburg, MA manufacturing facilities and certain related assets and the timing and financing thereof; the anticipated interest expense savings from the repricing of the Term Loan; and the expected impact of the planned transactions, including without limitation, the expected impact on Utz's overall market position, the Company's projected retail sales, net sales, Adjusted EBITDA and Adjusted Earnings Per Share, included in this press release. Utz's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Utz's expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Utz's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: whether and when the closing conditions will be satisfied and whether and when the transaction will close, whether and when Utz will be able to realize the expected financial results and accretive effect of the divestiture, and how customers, competitors, suppliers and employees will react to the divestiture; the Company's compliance with forward-looking elements of the agreement, including but not limited to, certain post-closing covenants related to the transactions and the rights of Our Home to indemnification and other remedies under the agreement in the event the Company fails to comply with such covenants or otherwise breaches the agreement; the inability of Utz to maintain the listing of Utz's Class A Common Stock on the New York Stock Exchange; the inability of Utz to develop and maintain effective internal controls; the risk that Utz's gross profit margins may be adversely impacted by a variety of factors, including variations in raw materials pricing, retail customer requirements and mix, sales velocities and required promotional support; changes in consumers' loyalty to the Company's brands due to factors beyond Utz's control; changes in demand for Utz's products affected by changes in consumer preferences and tastes or if Utz is unable to innovate or market its products effectively; costs associated with building brand loyalty and interest in Utz's products, which may be affected by Utz's competitors' actions that result in Utz's products not suitably differentiated from the products of competitors; fluctuations in results of operations of Utz from quarter to quarter because of changes in promotional activities; the possibility that Utz may be adversely affected by other economic, business or competitive factors; and other risks and uncertainties set forth in the section entitled "Risk Factors" and "Forward-Looking Statements" in Utz's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 29, 2024. There may be additional risks that Utz considers immaterial or which are unknown. It is not possible to predict or identify all such risks. Utz cautions that the foregoing list of factors is not exclusive. Utz cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Utz does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as otherwise required by law.