CHICAGO, Feb. 20, 2018 /CNW/ -- Today Conagra Brands,
Inc. (NYSE: CAG) 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. (NYSE: CAG), 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.
Note on Forward-looking Statement
This press release contains forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. These
forward-looking statements include, among others, statements
regarding expected benefits of the pending divestiture of the
company's Del Monte processed fruit and vegetable business in
Canada ("Del Monte business"),
regulatory approvals, and the expected timing of the completion of
the transaction. Readers of this press release should understand
that these statements are not guarantees of performance or results.
There is no assurance that the pending divestiture of the Del Monte
business will be completed, and there are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. These risks and
uncertainties include, among other things: the timing to complete
the pending divestiture of the Del Monte business; the ability and
timing to obtain required regulatory approvals and satisfy other
closing conditions for the pending divestiture of the Del Monte
business; our ability to achieve the intended benefits of
acquisitions and divestitures, including the company's pending
divestiture of its Del Monte business and the recent spin-off of
its Lamb Weston business; and the other risks described in the
company's reports filed from time to time with the Securities and
Exchange Commission. We caution readers not to place undue reliance
on any forward-looking statements included in this press release,
which speak only as of the date of this press release. We
undertake no responsibility to update these statements.
For more information, please
contact:
MEDIA:
Dan
Hare
312-549-5355
Daniel.hare@conagra.com
INVESTORS:
Brian
Kearney
312-549-5002
ir@conagra.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/conagra-brands-enters-into-definitive-agreement-with-bonduelle-group-to-sell-its-canadian-del-monte-processed-fruit-and-vegetable-business-300600778.html
SOURCE Conagra Foods