Conagra Brands to Sell its Canadian Del Monte Processed Fruit and Vegetable Business

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. Image: Del Monte, Twitter

CHICAGO -- 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.

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"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.

SOURCE Conagra Foods