Unilever Sells US Frozen Foods To ConAgra
Published on Jul 31 2012 9:16 AM in A-Brands
Unilever has sold its North American frozen meals business to ConAgra Foods, in a $265 million deal. The sale, which includes the Bertolli and P.F. Chang's brands, is part of Unilever's strategic offloading of its frozen food segment.
Nebraskan company ConAgra, claims to sell 3.8 million frozen food packages per day, employing 26,000 people, with net sales reaching over $13 billion for the year ending May 2012.
In line with its disposal of its frozen foods assets, Unilever divested itself of four US food brands to local company, B&G Foods in October. The FMCG giant exited the European frozen food sector in 2010, with the sale of its Italian business, Findus, for €805 million to a company in which Birds Eye Iglo holds a significant stake.
Last Thursday (26 Jul) Unilever announced its half year results, declaring a 11.5 per cent increase in turnover, reaching €25.4 billion, supported by a 7 per cent sales growth. (31 Jul)
© 2012 ESM European Supermarket Magazine