Third Point Management Activist Presentation Deck
SNACKS
Independent Slate sees ample opportunities to drive sales and earnings growth
Innovate &
Grow
Execute on
Deal Synergies
Re-shape
Portfolio
Optimize
DSD Network
Outperform broader snacking category through smart innovation in core brands
O Snacking remains a healthy category with strong and consistent growth
Ample room for innovation (flavors, ingredients, packaging) to drive market share gains
THIRD POINT
O
Achieving Snyder's-Lance savings target of $295 million will create significant value
O Deal savings worth over 12% of Snyder's-Lance sales
O Savings could be reinvested in innovation and marketing to drive sales or used to boost operating profits
Explore divestitures of non-core brands like Pop Secret and Pepperidge Farm Frozen Cakes
These categories (microwavable popcorn, frozen desserts) lack strong strategic fit with rest of portfolio
O Proceeds could be reinvested in key snacking brands or used to help de-lever the business
Source: Third Point LLC; Company Materials
O
Simplify highly complex routes to market (over time)
O Current model (with three separate delivery systems run by independent contractors) makes little sense
O Explore shift to warehouse delivery model, which could be significantly accretive to margins and cash flow
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