Conagra Brands, the leading US food manufacturer, is to acquire Birds Eye owner Pinnacle Foods in a cash and stock deal worth $10.9 billion, the two firms have announced in a statement.
The deal will reportedly make the combined company the second leading player in US frozen food behind Nestle.
In addition to Birds Eye, Pinnacle Foods markets brands such as Duncan Hines, Earth Balance, EVOL, Erin’s, Gardein, Glutino, Hawaiian Kettle Style Potato Chips, Hungry-Man, Log Cabin, Tim’s Cascade Snacks, Udi’s, Vlasic and Wish-Bone, and is active across frozen, chilled and ambient foods. The firm has nearly 5,500 employees and annual turnover in excess of $3 billion.
“The acquisition of Pinnacle Foods is an exciting next step for Conagra Brands”, said Sean Connolly, president and chief executive officer of Conagra Brands. “After three years of transformative work to create a pure-play, branded food company, we are well-positioned to accelerate the next wave of change. The addition of Pinnacle Foods’ leading brands in the attractive frozen foods and snacks categories will create a tremendous opportunity for us to further leverage our proven innovation approach, brand-building capabilities, and deep customer relationships”.
Source: Conagra Brands / Pinnacle Foods / CNBC