ConAgra Foods Agrees to Acquire Odom’s Tennessee Pride to Expand Frozen Breakfast Portfolio
OMAHA, Neb.--(BUSINESS WIRE)-- ConAgra Foods, Inc. (CAG) announced today that it has agreed to acquire Odoms Tennessee Pride, a leading producer of frozen and refrigerated breakfast sandwiches and sausage.
The agreement includes facilities in Little Rock, Ark., and Dickson, Tenn., and its headquarters office in Madison, Tenn. Odoms Tennessee Pride has approximately 750 employees, annual revenue in excess of $190 million, and is the second largest producer of frozen breakfast sandwiches in the U.S. Financial terms of the transaction, expected to close within the next 45 days and subject to customary closing conditions, were not disclosed.
Fitting with the companys strategy of expanding into high-growth adjacencies, the acquisition of Odoms Tennessee Pride would build ConAgra Foods capabilities in frozen breakfasts, a key adjacency to its frozen meals business.
The acquisition of Odoms Tennessee Pride will build on our strong position in frozen meals and allow us to leverage our existing innovation, marketing and distribution abilities, said Gary Rodkin, chief executive officer of ConAgra Foods. We are excited to develop our portfolio in the growing breakfast category.
We are proud of the business weve built over the past three generations, said Larry Odom, Chairman and CEO, Odoms Tennessee Pride. We are excited to join ConAgra Foods and we look forward to being a part of their growth plans.
The proposed acquisition would be the third in the last year for ConAgra Foods, following the acquisitions of National Pretzel Company and Del Monte Canada.
About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG), is one of North America's leading food companies, with brands in 97 percent of Americas households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Hebrew National, Hunts, Marie Callenders, Orville Redenbachers, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other ConAgra Foods brands in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. For more information, please visit us at http://www.conagrafoods.com.
Note on Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on managements current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. We undertake no responsibility for updating these statements. Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this release. These factors include, among other things: availability and prices of raw materials, including any negative effects caused by inflation; the effectiveness of our product pricing, including any pricing actions and promotional changes; future economic circumstances; industry conditions; our ability to execute our operating and restructuring plans; the success of our innovation, marketing, and cost- saving initiatives; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of any product recalls; our success in efficiently and effectively integrating acquisitions; access to capital; the amount and timing of repurchases of our common stock, if any; actions of governments and regulatory factors affecting our businesses, including the Patient Protection and Affordable Care Act; and other risks described in our reports filed with the Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements included in this release, which speak only as of the date of this release.
Media: Dan Hare
Director, Communication & External Relations
Investors: Chris Klinefelter
Vice President, Investor Relations
Source: ConAgra Foods, Inc.Copyright Business Wire 2012