ConAgra Foods Inc. has announced the successful completion of its acquisition of Ralcorp Holdings Inc.
ConAgra Foods Inc. has announced the successful completion of its acquisition of Ralcorp Holdings Inc. ConAgra Foods agreed to acquire Ralcorp on Nov. 26, 2012, for $90.00 in cash per share of Ralcorp common stock. The closing of the transaction follows the approval of the acquisition by Ralcorp’s shareholders on January 29, and the receipt of all required regulatory approvals.
With 36,000 employees and sales of approximately $18 billion annually, the combined company is one of the largest packaged food companies in North America. The transaction also positions ConAgra Foods as the largest private brand packaged food business in North America, with approximately $4.5 billion in combined annual private brand sales.
“We are excited to have closed the transaction and welcome our talented new team members from Ralcorp to the ConAgra Foods family. We are now in a position to begin the most substantial aspects of integration planning and look forward to learning from and working with our new colleagues. This important acquisition reinforces and accelerates our ‘Recipe for Growth’ strategy, which also includes growth in our core business and adjacencies, and expansion internationally,” said Gary Rodkin, CEO of ConAgra Foods.
ConAgra Foods will continue to be headquartered in Omaha, Neb., and led by CEO Gary Rodkin. Kevin Hunt, former CEO of Ralcorp, will be a consultant to ConAgra Foods for the next 12 months. Richard Koulouris, VP and President of the Ralcorp Food Group, and Charles Huber, VP and President of the Ralcorp Frozen Bakery business, will report directly to Gary Rodkin, effective immediately.