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Conagra to sell Canadian Del Monte business to Bonduelle

Published 21 February 2018

US food giant Conagra Brands has signed an agreement to sell its Del Monte processed fruit and vegetable business in Canada to French frozen vegetables manufacturer 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.

Conagra Brands president and CEO Sean Connolly said: "We continue to reshape our portfolio and focus resources in areas that best support our business strategy and drive value creation for shareholders.

"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.

Source: Company Press Release