WASHINGTON (dpa-AFX) - Conagra Brands, Inc. (CAG) has reached a deal with an Italian investment company to divest Conagra Brands' Italian-based frozen pasta business, Gelit. The agreement includes the sale of the company's entire equity interest in Gelit S.r.l.
Gelit is a producer of authentic Italian frozen food and ready meals, primarily for private label customers. It operates a stand-alone, state-of-the-art facility located in Doganella di Ninfa. Conagra Brands started exploring strategic alternatives for Gelit, in January. The business employs approximately 145 full-time employees.
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