French food company Bonduelle Group has announced that it signed an agreement with Conagra Brands to acquire its Del Monte processed fruit and vegetable business in Canada.
The $43 million acquisition includes the right to use the Del Monte brand on processed fruits and vegetables, as well as stocks of products marketed by Conagra.
The deal will not include industrial assets and personnel, as vegetable specialist Bonduelle will use its existing production capabilities.
The transaction is expected to be finalised before the end of May 2018.
Conagra’s Del Monte business in Canada achieved revenues of approximately C$60 million last year.
Bonduelle says that the acquisition of this unit will compliment its existing canned and frozen vegetable business in North America, which largely produces retailer store brands.
The group also says that the deal highlights its commitment to develop brand activities, and expand beyond vegetables.
Bonduelle posted turnover of more than €2 billion in its most recent financial year, representing 2.7% organic growth year on year.
The company’s vegetable products are sold in 100 countries worldwide under various brand names. Last year, the group acquired US-based Ready Pac Foods for $409 million.
Source: European Supermarket Magazine
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