ConAgra Foods has announced its intention to sell its national food ingredient sourcing and distribution company JM Swank, the US group’s latest move to dispose an asset to focus on its consumer-facing business.
The company has entered into a definitive agreement for California-based private equity firm Platinum Equity to acquire JM Swank. The terms of the deal, announced on 8 June, were not disclosed.
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ConAgra Foods president and CEO Sean Connolly said: “Our goal continues to be driving greater shareholder value by making ConAgra Foods a more focused and higher performing company. The divestiture of JM Swank is the most recent step we have taken to allow us to drive growth by continuing to invest in our product portfolio.”
Connolly said he expected JM Swank to continue to be an important ConAgra Foods supplier and customer following the completion of the transaction.
The deal comes less than a month after ConAgra announced a move to sell its Spicetec Flavors & Seasonings unit to Swiss seasonings group Givaudan for around US$340m.
ConAgra, which owns brands from Hunt’s ketchup to Banquet meals, has been reshaping its business in recent months. Last year, ConAgra sold off its private label business to TreeHouse Foods for US$2.7bn. The company then announced plans to split its branded consumer businesses and its potato products arm Lamb Weston into two units.
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By GlobalData
