Business

ConAgra Foods sells its Spicetec business for $340 million

Posted May 23, 2016 7:00 am

The Associated Press

OMAHA, Neb. (AP) - ConAgra Foods is unloading another business by selling Spicetec Flavors & Seasonings to Givaudan for roughly $340 million.

The Spicetec sale was announced Monday, and is expected to close in the next 60 to 90 days.

About 280 employees will become Givaudan employees as part of the sale, which includes facilities in Cranbury, New Jersey, and Carol Stream, Illinois. Givaudan is based in Switzerland.

ConAgra is in transition as it prepares to move its headquarters from Omaha, Nebraska, to Chicago this summer.

Since last summer, ConAgra has sold off its private-label operation to TreeHouse Foods for $2.7 billion and announced plans to spin off its Lamb Weston frozen potato business.

ConAgra CEO Sean Connolly says the sale will help the company focus more on its core consumer products.

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