High Liner Foods to Acquire Frozen Seafood Brands from Conagra
Conagra's Citizenship approach is centered around four pillars—Good Food, Responsible Sourcing, Better Planet and Stronger Communities—that guide how the company creates value while operating responsibly.
Conagra Brands, Inc. today announced it has entered into a definitive agreement with High Liner Foods to sell its Van de Kamp's and Mrs. Paul's frozen seafood brands for $55 million in cash.
The transaction includes all associated intellectual property and inventory. The transaction does not include employees or manufacturing facilities.
The Van de Kamp's and Mrs. Paul's products that are part of the transaction contributed approximately $75 million to Conagra's fiscal year 2024 net sales. The profit from the divested brands is expected to have a ($0.01) impact to fiscal year 2026 adjusted earnings per share. The transaction is expected to close by the end of July and proceeds from the transaction will be used to reduce debt.
"This divestiture reflects our continued commitment to reshaping our portfolio and investing where we see the best opportunities for growth and innovation," said Sean Connolly, president and chief executive officer of Conagra Brands. "Van de Kamp's and Mrs. Paul's operate largely as a stand-alone seafood business, and this divestiture allows us to further focus our efforts on strengthening our core frozen offerings."
Van de Kamp's and Mrs. Paul's are leading brands in the U.S. frozen breaded and battered seafood category, offering a variety of formats for snacks and meals, including crispy battered fillets, breaded fish for sandwiches and tacos and classic fish sticks.
About Conagra Brands
Conagra Brands, Inc., is one of North America's leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company's portfolio is continuously evolving to satisfy consumers' ever-changing food preferences. Conagra's brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, Angie's BOOMCHICKAPOP, and many more. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2024 net sales of more than $12 billion.
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