ConAgra Foods to acquire
American Pie LLC assets
Jun 16, 2010 10:31 AM
ConAgra Foods Inc (NYSE: CAG) has agreed to acquire the assets of American Pie LLC, based in Woodbury NY. American Pie manufactures frozen fruit pies, thaw-and-serve pies, fruit cobblers, and pie crusts under the licensed Marie Callenderís and Claim Jumper trade names, as well as frozen dinners, pot pies, and appetizers under the Claim Jumper trade name. Financial terms of the transaction, expected to close within 30 days, were not disclosed.
At close, the American Pie business will be managed as part of ConAgra Foodsí existing Marie Callenderís frozen business, within its Consumer Foods segment. The companyís current Marie Callenderís business includes pot pies and an array of single and multi-serve frozen dinners and entrees, sales of which have increased 42% over the past five years, according to IRI data.
By purchasing the assets of American Pie, ConAgra Foods will have the opportunity to expand its presence in the largest category within frozen retail desserts: frozen pies. The company already has presence in frozen foods with consumer brands like Banquet and Healthy Choice in addition to its Marie Callenderís branded product line.
A production facility in Torrance CA is included in the transaction and will join ConAgra Foodsí manufacturing network. ConAgra Foods currently manufactures Marie Callenderís-licensed frozen meals at facilities in Council Bluffs IA, Marshall MO, and Russellville AR. Those facilities are not impacted by this impending acquisition and will continue to operate normally. American Pie currently employs nearly 125 people primarily in Torrance and an office in Woodbury. All are expected to join ConAgra Foods at close.
For more information, visit www.conagrafoods.com.
In other news, Intelligent Global Pooling Systems (iGPS Company LLC) announced that ConAgra Foods has begun shipping its products throughout the United States on iGPSí all-plastic pallets with embedded RFID tags, as of June 1.
iGPSís 100% recyclable pallets are 30% lighter than pallets made of wood. They are not susceptible to insect infestation, require no chemical treatments, and eliminate risks posed by protruding nails and splinters. They are durable and maintain their standardized 48" x 40" dimensions throughout their life.
Visit www.igps.net to learn more.
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