ConAgra Foods to acquire
Odomís Tennessee Pride
Apr 19, 2012 11:24 AM
ConAgra Foods Inc (NYSE: CAG) has agreed to acquire Odomís Tennessee Pride, a leading producer of frozen and refrigerated breakfast sandwiches and sausage.
The agreement includes facilities in Little Rock AR and Dickson TN, and its headquarters office in Madison TN. Odomís Tennessee Pride has approximately 750 employees, annual revenue in excess of $190 million, and is the second-largest producer of frozen breakfast sandwiches in the United States. Financial terms of the transaction, expected to close within the next 45 days and subject to customary closing conditions, were not disclosed.
Fitting with the companyís strategy of expanding into high-growth adjacencies, the acquisition of Odomís Tennessee Pride would build ConAgra Foodsí capabilities in frozen breakfasts, a key adjacency to its frozen meals business.
ďThe acquisition of Odomís Tennessee Pride will build on our strong position in frozen meals and allow us to leverage our existing innovation, marketing and distribution abilities,Ē said Gary Rodkin, chief executive officer of ConAgra Foods.
ďWe are proud of the business weíve built over the past three generations,Ē said Larry Odom, chairman and CEO of Odomís Tennessee Pride. ďWe are excited to join ConAgra Foods and we look forward to being a part of their growth plans.Ē
The proposed acquisition would be the third in the past year for ConAgra Foods, after the acquisitions of National Pretzel Company and Del Monte Canada.
For more information, visit www.conagrafoods.com.
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