Friday, June 11, 2010

ConAgra (NYSE:CAG) Selling Fresh Vegetable Segment to Olam International

In what ConAgra (NYSE:CAG) CEO Gary Rodkin says is a move to shed non-core assets of the company, ConAgra is selling a portion of its Gilroy Foods & Flavors division to Olam International for $250 million.

While divesting of the fresh vegetable part of the unit, ConAgra will retain the seasoning blends and flavors segment of Gilroy Foods.

The part of the business being sold accounted for close to $300 million in revenue for the 2010 fiscal year of ConAgra, the company said in a press release.

That includes brands like Redi-Made, Controlled Moisture and GardenFrost.

Olam is a food processor based in Singapore.

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