ConAgra Foods Increases Ownership Share of Indian Company Agro Tech Foods Ltd.; Becomes Majority Owner
November 29 2011 - 7:26AM
Business Wire
ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading
food makers, announced today that it has become the majority owner
of Indian food company Agro Tech Foods Limited (ATFL), increasing
its ownership of shares to more than 50 percent, through the
purchase of existing shares from a third party. The purchase price
for the additional shares was approximately $10 million.
“ConAgra Foods has enjoyed a strong partnership with Agro Tech
Foods, dating back to 1997, and we believe strongly in its business
model and leadership team,” said Gary Rodkin, CEO, ConAgra Foods.
“Expanding our International business is a key part of our
strategic plan, and India represents an attractive growth market
for ConAgra Foods. We will continue to work with Agro Tech’s
management team to expand its business and our investment in this
important region.”
Agro Tech Foods is a public limited company that markets food
and food ingredients to consumers and institutional customers in
India. The company’s products include Sundrop branded edible oils,
shelf stable pudding and peanut butter, Crystal branded sunflower
oil, Healthy World branded dried green peas, and, based on a
license from ConAgra Foods, ACT II branded popcorn.
Agro Tech Foods has enjoyed consistent EPS growth for the last
five years, growing from 6.60 rupees/share in 2006-07 to 13.04
rupees/share in 2010-11. Agro Tech Foods most recently reported an
11 percent increase in net sales, and a 26 percent increase in
profit after tax, over its prior fiscal year. Additional investor
information about Agro Tech Foods can be found online at
http://www.atfoods.com/investor_relationships.php.
“We are excited that ConAgra Foods has increased its ownership
stake in Agro Tech Foods and look forward to working with the
company more collaboratively to increase our growth and
profitability,” said Sachin Gopal, president and CEO, Agro Tech
Foods.
About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG), is one of North America’s
leading food companies, with brands in 97 percent of America’s
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s,
PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other
ConAgra Foods brands in grocery, convenience, mass merchandise and
club stores. ConAgra Foods also has a strong business-to-business
presence, supplying frozen potato and sweet potato products as well
as other vegetable, spice and grain products to a variety of
well-known restaurants, foodservice operators and commercial
customers. For more information, please visit us at
www.conagrafoods.com.
About AgroTech Foods
Agro Tech Foods Ltd (ATFL) is a public limited company engaged
in the business of marketing food and food ingredients to consumers
and institutional customers. AgroTech Foods Ltd. markets Sundrop
Refined Oil, which is the largest brand in the premium segment of
the refined oil consumer packs. Sundrop Refined Oil is available in
five variants to Indian consumers. Led by the flagship brand,
Sundrop, Agro Tech Foods Ltd has expanded its brand portfolio
through innovative and healthy offerings such as: Sundrop Peanut
Butter, Act II Popcorn and other quality products.
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