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Dollar Tree vet will operate newly acquired Family Dollar stores

BY Michael Johnsen

CHESAPEAKE, Va. — Dollar Tree announced Monday that it has completed its $9.2 billion acquisition of Family Dollar Stores. Gary Philbin, 58, has been named president and COO of Family Dollar, effective immediately. In his new role, Philbin will continue to report to Bob Sasser, Dollar Tree CEO. Philbin joined Dollar Tree as SVP stores in December 2001, and was later promoted to COO in March 2007 and to President in June 2013. Prior to joining Dollar Tree, Philbin held senior-level positions in both merchandising and operations during his thirty years in the retail grocery industry.
 
"We are pleased to announce we have completed our acquisition of Family Dollar and we formally welcome the Family Dollar team to the Dollar Tree organization," stated Bob Sasser, CEO. "[And] I am very proud to announce that Gary will be taking on his new leadership role of Family Dollar Stores," Sasser said. "Gary has played an integral role in the success of Dollar Tree over the past 14 years. Notably, Gary was instrumental in improving the Dollar Tree customer shopping experience and the related customer satisfaction, as well as leading the integration following our Canadian acquisition in 2010."
 
Additionally, the company announced that Howard Levine, CEO Family Dollar, has been appointed to Dollar Tree's board of directors, effective immediately.
 
The combined organization will operate more than 13,000 stores in 48 states and five Canadian provinces, with sales exceeding $19 billion annually.
 
According to the company, Dollar Tree is the nation's leading operator of fixed-price point stores, selling everything for $1 or less, and Family Dollar is a leading national operator of multi-price point stores providing value-conscious consumers with a selection of competitively priced merchandise in convenient neighborhood stores. The combined company intends to retain and to grow both banners going forward and will optimize the combined real estate portfolio.
 
J.P. Morgan Securities acted as exclusive financial advisor to the board of directors of Dollar Tree, and J.P. Morgan Chase Bank committed to provide bridge financing for the transaction. Wachtell, Lipton, Rosen & Katz and Williams Mullen acted as legal counsel to Dollar Tree in connection with the transaction. Morgan Stanley & Co. acted as exclusive financial advisor to the board of directors of Family Dollar in connection with the transaction. Cleary Gottlieb Steen & Hamilton acted as legal counsel to Family Dollar in connection with the transaction.
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Mondelez, D.E Master Blenders to combine coffee businesses

BY Lesley Thulin

DEERFIELD, Ill. / AMSTERDAM — Mondelēz International, Inc. and D.E Master Blenders 1753 B.V. announced that they will combine their coffee businesses in order to create Jacobs Douwe Egberts, a pure-play coffee company with annual revenues of more than €5 billion.

Mondelēz received €3.8 billion and a 44% interest after closing the new joint venture. Acorn Holdings B.V., owner of D.E Master Blenders 1753, will have a 56% share in the new coffee company.

Jacobs Douwe Egberts will be based in the Netherlands and own coffee brands, such as Jacobs, Tassimo, Moccona, Senseo, L’OR, Douwe Egberts, Kenco, Pilão and Gevalia.

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The 5 Cardinal Health programs that helped it earn DoD’s Freedom Award

BY Michael Johnsen

WASHINGTON — Cardinal Health was one of 15 recipients of the 2015 Secretary of Defense Employer Support Freedom Award, the highest honor the department gives to employers for support of National Guard and Reserve employees.
 
"These outstanding employers have not only earned this award, they have earned this nation's gratitude," said Defense Secretary Ash Carter. "I am truly honored to recognize these 15 organizations for their unwavering support of our military men and women and their families. Their accomplishments are a vital piece of our National defense and a high standard toward which all employers of Guard and Reserve members should strive."
 
Cardinal Health earned the award for a number of reasons, including:
 
  • Cardinal Health has launched a Veterans Leadership and Career Development Program to provide resources to all veterans and to educate them about leadership opportunities and career development tools. It includes tools to help veterans identify development opportunities and plan their careers;
  • Cardinal Health offers a free Veterans Professional Advancement Course for military members seeking employment inside or outside of Cardinal Health;
  • Cardinal Health has created a Veterans & Military Advocates Employee Resource Group. It includes the Mentoring & Transitioning Team, Volunteerism and Marketing Team, HR/Talent Acquisition Recruiting Team, Communications & Acquisitions Team and Veteran Leadership Program Team. Cardinal Health also has started a Veterans SharePoint site that houses information for service members about veterans-related issues and has assisted other companies in starting military resource groups;
  • Cardinal Health’s Support the Troops Care Package Event has delivered almost 5,000 care packages and received more than $54,000 in donations. Cardinal Health also has raised $1.6 million for the Wounded Warriors Project; and
  • Cardinal Health conducts large “Welcome Home” events with other employers to celebrate their employees’ military service and return home from deployments.
The 2015 recipients were selected from 2,960 nominations received from Guardsmen and reservists for going far beyond what federal law requires in support of military employees, officials said.
 
The Freedom Award was instituted in 1996 under the auspices of DoD’s Employer Support of the Guard and Reserve office to recognize exceptional support from the employer community. In the years since, 205 employers have received the award.
 
The 2015 recipients will be honored at an Aug. 21 ceremony at the Pentagon.  
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