CHICAGO -- Conagra Brands Inc. says it is selling its Del Monte processed fruit and vegetable business in Canada to Bonduelle Group for $43 million.
Chicago-based Conagra says the sale is subject to customary closing conditions and is expected to close before the end of May.
Conagra says its Del Monte business in Canada, with revenues of approximately $60 million, will complement Bonduelle's canned and frozen vegetables which are largely sold under retailer's store brands.
Bonduelle, established in 1853, currently sells vegetables in 100 countries under various brand names.
"We continue to reshape our portfolio and focus resources in areas that best support our business strategy, said Conagra president and CEO Sean Connolly.
"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."
