LANCASTER COLONY CORPORATION ANNOUNCES AGREEMENT TO BE SOLE SUPPLIER OF ARBY'S® SAUCES TO RETAILERS

WESTERVILLE, Ohio, March 21, 2022 /PRNewswire/ -- Lancaster Colony Corporation (Nasdaq: LANC) announced today an agreement with Arby's Restaurant Group, Inc. to supply Arby's^® popular Horsey Sauce^® and Arby's Sauce^® products to the U.S. and Canadian retail channels.  A limited launch of these products is currently planned for select Club stores in the U.S. starting in Lancaster Colony's fiscal first quarter ending September 30, 2022.  Broader distribution of these sauces into the U.S. Food and Mass retail channel is expected to begin near the start of the fiscal second quarter.  The agreement provides Lancaster Colony exclusive rights to supply and distribute the Horsey Sauce and Arby's Sauce products to U.S. and Canadian retailers. 

Lancaster Colony's CEO David A. Ciesinski commented, "We are very excited to add Arby's Horsey Sauce and Arby's Sauce to our growing licensing program.  This new agreement is another example of how our culinary expertise, strong reputation and longstanding relationships in the foodservice channel combined with our demonstrated sales execution at retail will allow us to expand and grow our retail licensing platform."

Carl R. Stealey, President of T. Marzetti Company's Retail Division for Lancaster Colony, stated "We very much appreciate the opportunity to partner with Arby's Restaurant Group on this important growth initiative for both organizations.  We look forward to expanding our Arby's relationship through the sale of these iconic sauces into the retail markets." 

About Lancaster Colony

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels.

About Arby's

Arby's, founded in 1964, is the second-largest sandwich restaurant brand in the world with more than 3,300 restaurants in seven countries.  The brand is headquartered in Atlanta, GA.  For more information, visit Arbys.com.

Forward-Looking Statements

We desire to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). This news release contains various "forward-looking statements" within the meaning of the PSLRA and other applicable securities laws. Such statements can be identified by the use of the forward-looking words "anticipate," "estimate," "project," "believe," "intend," "plan," "expect," "hope" or similar words. These statements discuss future expectations; contain projections regarding future developments, operations or financial conditions; or state other forward-looking information. Such statements are based upon assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, expected future developments; and other factors we believe to be appropriate. These forward-looking statements involve various important risks, uncertainties and other factors, many of which are beyond our control and could be amplified by the COVID-19 pandemic, which could cause our actual results to differ materially from those expressed in the forward-looking statements. Some of the key factors that could cause actual results to differ materially from those expressed in the forward-looking statements include:

• the ability to successfully implement our strategic initiatives;
• the lack of market acceptance of new products;
• the success and cost of new product development efforts;
• dependence on contract manufacturers, distributors and freight transporters, including their operational capacity and financial strength in continuing to support our business;
• fluctuations in the cost and availability of ingredients and packaging;
• inflationary pressures resulting in higher input costs;
• adequate supply of labor for our manufacturing facilities;
• capacity constraints that may affect our ability to meet demand or may increase our costs;
• efficiencies in plant operations;
• the potential for loss of larger programs, including licensing agreements, or key customer relationships;
• adverse changes in freight, energy or other costs of producing, distributing or transporting our products;
• price and product competition;
• maintenance of competitive position with respect to other manufacturers;
• the reaction of customers or consumers to price increases we may implement;
• changes in demand for our products, which may result from loss of brand reputation or customer goodwill;
• significant shifts in consumer demand and disruptions to our employees, communities, customers, supply chains, production planning, operations, and production processes resulting from the impacts of COVID-19 and other epidemics, pandemics or similar widespread public health concerns and disease outbreaks;
• the possible occurrence of product recalls or other defective or mislabeled product costs; and
• risks related to other factors described under "Risk Factors" in other reports and statements filed by us with the Securities and Exchange Commission, including without limitation our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q (available at www.sec.gov).

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update such forward-looking statements, except as required by law. Management believes these forward-looking statements to be reasonable; however, you should not place undue reliance on such statements that are based on current expectations.

SOURCE Lancaster Colony Corporation

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