American packaged food manufacturer ConAgra Foods, Inc. has agreed to sell its Spicetec Flavors & Seasonings business to Givaudan for approximately $340 million.
“We are committed to becoming a more focused and higher performing company in order to drive greater shareholder value,” says Sean Connolly, president and CEO of ConAgra. “Divesting Spicetec is the latest action we have taken that will allow ConAgra Foods to invest resources into our core product portfolio to drive sustainable growth. We truly appreciate the contributions of the Spicetec employees and look forward to having an ongoing relationship with them as a key supplier to ConAgra Foods.”
The agreement includes the transition of approximately 280 employees as well as facilities in Cranbury, N.J., and Carol Stream, Ill. The planned transaction is subject to customary closing conditions and regulatory clearances and is expected to close in approximately 60-90 days.