CHICAGO – ConAgra Foods, Inc. on July 26 completed two separate divestitures: the sale of its JM Swank business to Platinum Equity and the sale of its Spicetec Flavors & Seasonings business to Givaudan.
ConAgra in mid-May agreed to sell its Spicetec Flavors & Seasonings business for approximately $340 million. A few weeks after that, the company entered into a definitive agreement to sell its JM Swank business, a national food ingredient sourcing and distribution company.
“Today marks an important milestone for ConAgra Foods,” said Sean Connolly, president and CEO of ConAgra. “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 said it generated approximately $488 million in combined net proceeds from the sales, subject to any final working capital adjustments.