Conagra Brands Divests Chef Boyardee Brand To Hometown Food Company For $600 Mln

(RTTNews) - Conagra Brands, Inc. (CAG), Tuesday announced that the company has completed the divestiture of the Chef Boyardee brand to Hometown Food Company, a Brynwood Partners portfolio company, for $600 Mln in cash.

The deal comprises of the manufacturing facility in Milton, PA, as well as all assets and operations dedicated to the Chef Boyardee shelf-stable products business.

However, the deal does not include frozen skillet meals, which will be licensed by Hometown Food Company to Conagra.

In the pre-market hours, Conagra's stock is trading at $22.79, up 0.15 percent on the New York Stock Exchange.