ConAgra Foods Acquires Pita Chip Business from Kangaroo Brands
Published on Tuesday, 22 May 2012 15:06 Written by TradersHuddle StaffOMAHA, Neb.-( Business Wire )-
ConAgra Foods, Inc. (NYSE: CAG) announced today that it has acquired Kangaroo Brands’ pita chip business. ConAgra Foods’ acquisition of the pita chip business is consistent with its strategy to grow its presence in private label foods.
“Pita chips are a high-growth category and a natural fit with ConAgra Foods’ private label snacks business,” said Gary Rodkin, chief executive officer of ConAgra Foods. “We are pleased to add another business that further positions us for accelerated growth.”
Based in Milwaukee, WI, Kangaroo Brands is a leader in private label pita chips and generates approximately $20 million in annual revenue. The acquisition includes a manufacturing facility located in Milwaukee and approximately 50 employees who joined ConAgra Foods from Kangaroo Brands. Kangaroo Brands will continue to own and market its pita bread and frozen sandwiches.
This is the fourth acquisition in the past fiscal year for ConAgra Foods, following the acquisitions of National Pretzel Company, Del Monte Canada and Odom’s Tennessee Pride.
Financial terms of the transaction were not disclosed.
About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG), is one of North America's leading food companies, with brands in 97 percent of America’s households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other ConAgra Foods brands in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. For more information, please visit us at http://www.conagrafoods.com.
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