Conagra Foods completes the sale of JM Swank and Spicetec Flavors and Seasonings

ConAgra Foods, Inc. (NYSE: CAG) has announced the completion of two separate divestitures: the sale of its JM Swank business to Platinum Equity and the sale of its Spicetec Flavors & Seasonings business to Givaudan.

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

"Today marks an important milestone for ConAgra Foods. The completion of these two divestitures is another step on our journey to becoming a more focused and higher performing company.”

“We truly appreciate the contributions of the JM Swank and Spicetec Flavors & Seasonings employees, and we’re confident that both companies will be well positioned for continued growth as part of Platinum Equity and Givaudan, respectively.”

ConAgra Foods generated approximately $488 million in combined net proceeds from the sales, subject to any final working capital adjustments.