Conagra Brands, Inc., Chicago, entered into a definitive agreement to sell its Del Monte processed fruit and vegetable business in Canada to Bonduelle Group, Canada.
"We continue to re-shape our portfolio and focus resources in areas that best support our business strategy and drive value creation for shareholders," says Sean Connolly, president and CEO of Conagra Brands. "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."
The acquisition gives Bonduelle the right to use the Del Monte brand on different segments of processed fruits and vegetables and stocks of products marketed by Conagra.
Conagra's Del Monte business in Canada will complement Bonduelle Americas’ long life business unit's canned and frozen vegetable business, which is largely conducted under retailer's store brands. This highlights the group's desired development in brand activities and expansion beyond vegetables to vegetable products.