Bonduelle has announced that it has signed an agreement with Conagra Brands to acquire its Del Monte processed fruit and vegetable business in Canada.
The acquisition includes the right to use the Del Monte brand on different segments of processed fruits and vegetables and stocks of products marketed by Conagra for a total value of C$43m.
The acquired business excludes all industrial and personnel assets because co-packers and Bonduelle's existing production capabilities will be used.
Bonduelle said the transaction will become final after suspensive conditions are lifted before the end of May 2018.
Conagra's Del Monte business in Canada, with revenues of approximately C$60m, will complement Bonduelle Americas Long Life business unit's canned and frozen vegetable business, which is largely conducted under retailer's store brands.
"This highlights the group's desired development in brand activities and expansion beyond vegetables to vegetable products," the group explained.