Unilever plc Signs Definitive Agreement For Sale Of North America Frozen Meals Business To ConAgra Foods, Inc.

Unilever plc announced that it has signed a definitive agreement for the sale of its North America frozen meals business to ConAgra Foods, Inc. for a total cash consideration of $265 million. Unilever's North America frozen meals business consists of a full range of premium, multi-serve frozen entrees and appetizers under the well-known Bertolli and P.F. Chang's brand names. The transaction, subject to regulatory review, includes a license for the use of the Bertollibrand name and the transfer of Unilever's existing license with P.F. Chang's for use of the P.F. Chang's Home Menu brand name. It does not include Unilever's facility in Owensboro, Ky., at which the Bertolli and P.F. Chang's frozen meals are produced. Unilever will retain the Bertolli trademark and continue its existing pasta sauce business, with manufacturing operations remaining at its Kentucky facility.