A spin-off from Dean Foods in 2005, TreeHouse has been aggressive in making acquisitions and growing during the past 10 years. Notable acquisitions included E.D. Smith, a salad dressing and condiment manufacturer in 2007; Sturm Foods, a processor of hot cereals and powdered drink mixes in 2010; and Flagstone Foods, a snack nut and trail mix processor in 2014. "While synergies and economies of scale will drive our financial performance, our strategic rationale for acquiring what is substantially the former Ralcorp is based upon an extraordinary opportunity to extend the TreeHouse brand of innovation, service, and partnership to an expanded product portfolio across the retail grocery trade," Reed said. "Customer brands, once measured by their transactional value, are now valued as strategic levers to gain consumer preference and sustain shopper loyalty.