US-based packaged food provider, ConAgra Foods has announced the completion of acquisition of Ralcorp Holdings, a producer of private-brand foods and food service products.
The company agreed to acquire Ralcorp on 26 November 2012, for $90 in cash per share of Ralcorp common stock, and its closing transaction followed the approval of the acquisition by Ralcorp's shareholders on 29 January 2013.
ConAgra Foods CEO Gary Rodkin said the company is excited to have closed the transaction and welcomes its talented new team members from Ralcorp to the ConAgra Foods family.
"This important acquisition reinforces and accelerates our 'Recipe for Growth' strategy, which also includes growth in our core business and adjacencies, and expansion internationally," Rodkin said.
According to the company, the transaction positions itself as the huge private brand packaged food business in North America, with approximately $4.5bn in combined annual private brand sales.
With 36,000 employees and sales of approximately $18bn annually, the combined company will continue to be headquartered in Omaha, Nebraska, US.