US packaged foods company ConAgra has completed the acquisition of Unilever's North American frozen meals business for a total cash consideration of$267m,a move which will strengthen its frozen food business.
The agreement to acquire Unilever's North American frozen meals business was announced on 30 July 2012.
The transaction includes a licence for ConAgra to use the Bertolli brand name for frozen meals business as well as the transfer of Unilever's licence to use the PF Chang's Home Menu brand name.
Unilever will retain the Bertolli trademark and continue manufacturing Bertolli pasta sauce at its facility in Owensboro,Kentucky,US.
ConAgra noted that this acquisition will complement its existing frozen food brands such as Marie Callender's,Banquet,Healthy Choice and Kid Cuisine,and provide growth opportunities in the segment.
The transaction is part of ConAgra's strategy to grow its core businesses,expand into adjacent categories,build its private label business,and continue to develop its international presence.
The divestment of the North American frozen meals business is part of its Unilever's plan to exit the frozen foods business-in 2006,it sold its European frozen foods business to private equity firm Permira for€1.72bn.
This deal marks ConAgra's fifth acquisition over the last 12 months after it failed in its efforts to acquire US food firm Ralcorp.
