Subsequent Event
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6 Months Ended |
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Jun. 30, 2012
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Subsequent Event | 22. Subsequent Event On August 7, 2012, the Company decided, following a strategic review of the soup category and its related business, to streamline its manufacturing capacity and close the Mendota, Illinois soup plant. Production at the Mendota facility is expected to cease in the first quarter of 2013, with full plant closure expected in the second quarter of 2013. Total costs to close the Mendota facility are expected to be approximately $17.7 million. Components of the charges include non-cash asset write-offs of approximately $11.4 million, severance of approximately $2.6 million, and other closure costs of approximately $3.7 million. Production will be moved to the Company’s Pittsburgh soup facility. The Company will also close its salad dressing plant in Seaforth, Ontario, Canada and move production to facilities where the Company has lower production costs resulting from the recently completed capacity expansion. Production at the Seaforth, Ontario facility is expected to cease in the second quarter of 2013, with full plant closure expected in the third quarter of 2013. Total costs to close the Seaforth facility are expected to be approximately $17.3 million. Components of the charges include non-cash asset write-offs of approximately $10.9 million, severance of approximately $4.0 million, and other closure costs of approximately $2.4 million. |