US-based food manufacturer Ralcorp Holdings plans to consolidate its cereal,pasta,and snacks,sauces&spreads businesses into a single firm.
Through the restructuring,the company expects to gain annual pre-tax cost savings of about$26m to$31m in fiscal 2013.It also expects one-time pre-tax costs of between$17m to$22m related to the restructuring.
Ralcorp expects the restructuring to be completed in fiscal 2014.
The company noted that it would restate financial statements for its fiscal 2011 and first quarter of fiscal 2012 to accommodate an additional impairment charge related to its Post brand cereal business,which was spun-off to Ralcorp shareholders in February 2012.