Pinnacle Foods raises its quarterly dividend

Pinnacle Foods increases quarterly dividend by 16.7 percent to 21 cents per share

Associated Press

PARSIPPANY, N.J. (AP) -- Pinnacle Foods is boosting its quarterly dividend by 16.7 percent to 21 cents per share.

The Parsippany, N.J. company, whose products include Vlasic pickles, Birds Eye frozen foods and other items, said that the dividend will be paid on Jan. 10, 2014 to shareholders of record on Dec. 2.

CEO Bob Gamgort said Monday that the recently completed acquisition of Wish-Bone salad dressings prompted the company to review its quarterly dividend payment of 18 cents per share. In addition to the benefits from the Wish-Bone deal, Gamgort citied the company's strong operating cash flow performance since it went public in March.

Pinnacle Foods Inc. announced in August that it was buying the Wish-Bone dressings from Unilever PLC for $580 million.

Last week Pinnacle Foods reported a fourfold jump in third-quarter profit thanks to lower restructuring and refinancing costs and sales gains at its Duncan Hines business.

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