Post Holdings Inc. will consolidate its Post and MOM Brands cereal businesses into one group, called Post Consumer Brands, which will be headquartered in the Lakeville, Minn., offices of MOM Brands.
The move will mean the closing of Post Cereals' office in Parsippany, N.J., expected by May 2016. The company said that decision will "impact" – we assume that means laying-off -- approximately 200 employees across the businesses.
The combined business will be led by MOM Brands President Chris Neugent, who will report to Rich Koulouris, who joined Post Holdings in February to lead Post Foods Group, comprising branded center-of-the-store (Post Consumer Brands) as well as its private label retail businesses.
The consolidation will mean savings or synergies of approximately $50 million a year.
Post acquired MOM Brands, formerly Malt-O-Meal, this January.