Conagra Foods to sell Spicetec Flavors & Seasonings to Givaudan

The Spicetec Flavors & Seasonings facility in Carol Stream Illinois. Spicetec Flavors & Seasonings operates a second facility in Cranbury, The sales agreement includes the transition of approximately 280 employees as well as both facilities.

May 23, 2016

Source

Conagra Foods, Inc.

ConAgra Foods, Inc. today announced it has entered into a definitive agreement to sell its Spicetec Flavors & Seasonings business to Givaudan for approximately $340 million.

Sean Connolly, president and chief executive officer of ConAgra Foods:

“We are committed to becoming a more focused and higher performing company in order to drive greater shareholder value. 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.”

Logo Spicetec Flavors & Seasonings

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.

BofA Merrill Lynch acted as the exclusive financial advisor to ConAgra Foods on the transaction.