Conagra Brands has announced it is “exploring strategic alternatives” for its Italy-based frozen pasta business Gelit.
The unit employs approximately 145 people full time, operates a standalone facility in Doganella di Ninfa and supplies products to a range of international customers. It makes a range of Italian frozen food and ready meals.
Conagra Brands has engaged BNP Paribas to assist with this process. The food company stressed that it has not set a timetable for the strategic process nor has it made any decisions relating to any strategic alternatives.
Conagra bought Gelit as part of its deal for private label food manufacturer Ralcorp in 2012, months after Ralcorp had itself acquired the Italian firm.
Last June, Conagra secured a deal to buy Pinnacle Foods for $10.9 billion, allowing it to expand its presence and capabilities the frozen foods and snacks segments.
With annual net sales in excess of $3 billion, Pinnacle Foods’ portfolio of frozen, refrigerated and shelf-stable products includes such brands as Birds Eye, Duncan Hines, Earth Balance, Evol, Erin’s, Gardein, Glutino, Log Cabin, Tim’s Cascade Snacks, Udi’s, Vlasic, and Wish-Bone.
Last month, Conagra offloaded its Wesson range of canola and vegetable cooking oils to Richardson International.
JM Smucker was set to buy the brand last year in a deal worth approximately $285 million. However, Conagra and Smucker terminated their agreement following competition concerns from US authorities.
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