("=ConAgra Sells Gilroy Vegetable Ops To Singapore's Olam For
$250M," published at 6:37 p.m. ET, misstated the ConAgra division
to which the retained operations belong in the second paragraph. A
corrected version follows).
ConAgra Foods Inc. (CAG) said Monday it would sell part of its
Gilroy Foods & Flavors unit to a Singapore-based company for
$250 million.
The company is selling its operations that make dehydrated and
fresh vegetable products, which had sales of about $300 million in
the year ended last month, to Olam International Ltd (O32.SG). The
unit's seasonings and flavors businesses will remain at ConAgra's
commercial foods division.
The packaged-foods company reported in March that earnings rose
19% in the most recent quarter, as the company continued to benefit
from budget-conscious shoppers eating more meals at home.
ConAgra shares rose 2% after hours to $24.48. The stock has
risen a fifth in the last year, modestly better than the stock
market at large.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com