New Owner For Bertolli And P.F. Chang’s Frozen Foods
As Unilever looks to get out of the frozen food market, two of their signature brands have found a new owner. ConAgra has agreed to buy the venerable meal makers for $265 million dollars.
ConAgra said it is acquiring the Bertolli and P.F. Chang’s Home Menu frozen meals businesses, whose annual sales approach $300 million. The agreement includes a license for the use of the Bertolli brand name and the transfer of Unilever’s existing license with P.F. Chang’s for use of the P.F. Chang’s Home Menu brand name, according to ConAgra.
Unilever's decision to get out of frozen foods spells opportunity for ConAgra.
One of the world's leading suppliers of consumer goods, Unilever owns a wide variety of brands including Knorr, Lipton, Dove and Vaseline. It employs 167,000 workers in 100 countries.
The sale, which is subject to regulatory approval, was "in line with the company's global strategy to exit the frozen foods business," Unilever added.
A manufacturing plant in Kentucky that currently produces the Bertolli and P.F. Chang's brands for Unilever was not part of the agreement.