WASHINGTON (dpa-AFX) - Conagra Brands, Inc. (CAG), a food company, on Friday announced that it has agreed with High Liner Foods to sell its Van de Kamp and Mrs. Paul's frozen seafood brands for $55 million in cash. The deal is set to close by July.
The deal is expected to help the company reduce debt.
The sale includes related intellectual property and inventory but excludes employees and facilities.
The brands generated about $75 million in full-year 2024 sales, and its profit from the divested brands is expected to reduce fiscal year 2026 adjusted earnings per share by $0.01.
In the pre-market trading, Conagra Brands is 0.38% higher at $22.35 on the New York Stock Exchange.
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