ConAgra, with operations in Idaho and across North America, is reportedly set to buy store brand foods manufacturer Ralcorp for $4.95 billion in cash, which is expected to turn ConAgra into North America’s largest private-label packaged food business. The deal is valued at $6.8 billion with the assumption of debt.
This morning's Wall Street Journal reports that after the acquisition, ConAgra’s private-label sales will total $4.5 billion. The combined company will generate about $18 billion in annual sales and employ more than 36,000 workers.
ConAgra has offices and operations across the continent, including Boise. ConAgra and its subsidiary Lamb Weston is the fifth-largest employer in south-central Idaho.
According to the Wall Street Journal:
ConAgra has been beefing up its portfolio with acquisitions over the past year as it tries to find growth in the struggling packaged-food space.
ConAgra manufactures packaged foods like Chef Boyardee and Marie Callender’s, and acquired Bertolli frozen meals and Del Monte Canada in the past year.
The deal is expected to close by March 31, 2013.