Conagra completes $10.9B acquisition of Pinnacle Foods
Conagra has just ramped up its portfolio of foods that are increasingly popular with consumers.
The company announced Friday its successful completion of its acquisition of Pinnacle Foods. The closing of the transaction follows the approval of Pinnacle Foods' shareholders and satisfaction of all terms and conditions.
Through the acquisition, Conagra Brands adds iconic brands, including frozen, meatless and gluten-free foods, to its portfolio, including Birds Eye, Duncan Hines, Earth Balance and Vlasic, as well as emerging brands, such as Gardein, Glutino, Udi's, Wish-Bone and EVOL, among others.
"Expanding Conagra Brands' portfolio through the acquisition of Pinnacle Foods creates a tremendous opportunity to drive profitable growth and shareholder value by further leveraging our proven approach to innovation, brand-building, operational excellence and deep customer relationships," said Sean Connolly, president and chief executive officer of Conagra Brands. "We are excited to combine the Pinnacle and Conagra Brands portfolios in the attractive frozen meals and snacks and sweet treats categories. The complementary brands, operations and results-oriented cultures will help facilitate an effective integration and the continued transformation of Conagra Brands."
Conagra's iconic brands include Healthy Choice, Marie Callender's, Reddi-wip, and Slim Jim, as well as emerging brands, including Angie's BOOMCHICKAPOP, Duke's, Earth Balance, Gardein, and Frontera.