(By Balachander) ConAgra Foods Inc. (NYSE:CAG) has closed its acquisition of Unilever Plc's (NYSE:UL) frozen meals business - including Bertolli and P.F. Chang's - in North America for $265 million in cash.
Unilever, the Anglo-Dutch consumer products giant, agreed to sell its North American frozen meals business in July in line with its strategy to exit the frozen foods business. Unilever had earlier sold its European frozen foods business.
Omaha, Nebraska-based ConAgra Foods expects the latest purchase to boost its international presence and to provide "significant" growth opportunities in the frozen food category.
The company had purchased National Pretzel Co., Del Monte Canada, Odom's Tennessee Pride and the pita chip business of Kangaroo Brands in the last 12 months.
In 2011, the combined Bertolli and P.F. Chang's brands had revenue of roughly $300 million.
ConAgra's latest acquisition includes the frozen meals businesses, a license for 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.
Unilever will retain the Bertolli trademark and continue manufacturing Bertolli pasta sauce at its Owensboro, Kentucky facility.
CAG shares inched up 0.04 percent to trade at $24.74 on Monday.