CHICAGO, Feb. 20, 2018 /PRNewswire/ -- Conagra Brands, Inc. announced that it has entered into a definitive agreement to sell its Del Monte processed fruit and vegetable business in Canada to Bonduelle Group. The sale is subject to customary closing conditions and is expected to be completed before the end of May 2018. The transaction is valued at approximately CA$43 million, which is approximately US$34 million at the current exchange rate.
"We continue to reshape our portfolio and focus resources in areas that best support our business strategy and drive value creation for shareholders," said Sean Connolly, president and chief executive officer of Conagra Brands. "Del Monte is a strong brand in Canada with quality products, and we believe the Del Monte processed fruit and vegetable business will continue to thrive under Bonduelle's ownership."
RBC Capital Markets served as financial advisor to Conagra Brands.
About Conagra Brands
Conagra Brands, Inc., headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Marie Callender's®, Hunt's®, Healthy Choice®, Slim Jim®, Orville Redenbacher's®, VH®, POGO®, Aylmer®, as well as emerging brands, including Alexia®, Frontera®, Duke's® and Angie's® BOOMCHICKAPOP®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
