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Article: ConAgra Foods Announces Sale of Chicken Processing Business; $590 Million Deal Expected to Close this Summer.
- Article from:
- PR Newswire
- Article date:
- June 9, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ConAgra Foods, Inc. , one of America's leading packaged food companies, today announced that it has agreed to sell its chicken business to Pilgrim's Pride Corporation . This divestiture, which is expected to close in the summer of 2003, is part of ConAgra Foods' ongoing plan to reshape its portfolio to focus on its branded and value-added food businesses.
Terms of the Agreement
The purchase price to be paid by Pilgrim's Pride to ConAgra Foods is approximately $590 million. As payment for this business, ConAgra Foods will receive:
* $100 million in cash,
* $235 million in the form of Pilgrim's Pride Class A stock, based on the
June ...