ConAgra to buy Unilever’s N American frozen meal business for $265 mn
31 Jul 2012
ConAgra Foods Inc, the $12.4-billion US food conglomerate, yesterday said that it would buy Unilever Plc's North American frozen meal business for $265 million.
The deal includes a license for the use of the Bertolli brand name and the transfer of Unilever's existing license with P F Chang's for use of the P F Chang's Home Menu brand name.
The Anglo-Dutch company said that the sale does not include its facility in Owensboro, Kentucky, at which the Bertolli and P F Chang's frozen meals are currently produced.
Unilever will retain the Bertolli trademark and continue its existing pasta sauce business, with manufacturing operations remaining at its Kentucky facility.
In 2011, the combined Bertolli and P F Chang's brands had turnover of approximately $300 million.
Kees Kruythoff, president of Unilever North America, said, "Bertolli and P F Chang's frozen meals are two attractive businesses with a focus on quality ingredients and differentiated technology. I am confident they will continue to do well under ConAgra Foods' management."