ConAgra Foods, Inc., (NYSE: CAG) announced today the completion of the sale of its Gilroy Foods &FlavorsTM dehydrated and vegetable product operations to Olam International for before-tax proceeds of $250 million in cash, net of transaction costs and subject to post-closing adjustments. The seasoning blends and flavors business and supporting plant operations were not part of the sale and remain with ConAgra Foods' Commercial Foods reporting segment.
Under the terms of the agreement, ConAgra Foods sold substantially all of the assets of Gilroy Foods &Flavors' dehydrated garlic, onion, capsicum and Controlled MoistureTM, GardenFrost(R), Redi-MadeTM, and fresh vegetable operations, all of which were part of the Commercial Foods reporting segment. Sales for those operations were approximately $300 million in fiscal 2010.
