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Conagra Brands Inc. (NYSE:CAG) agreed to sell its Van de Kamp’s and Mrs. Paul’s frozen seafood brands to High Liner Foods for $55 million in cash.
The transaction is expected to close by the end of July 2025. The two seafood brands generated roughly $75 million in net sales during fiscal 2024.
The divestiture is projected to reduce Conagra’s adjusted earnings per share by one cent in fiscal 2026.
Conagra CEO Sean Connolly described the sale as a strategic move to redirect resources toward faster-growing segments.
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Proceeds from the transaction will be applied toward debt reduction, aligning with Conagra’s broader goal of improving its balance sheet while enhancing focus on innovation and brand development.
The divestiture is part of a wider shift in the packaged food industry, where companies are reassessing portfolios to match evolving consumer demands and improve operational efficiency.
Related ETFs: Consumer Staples Select Sector SPDR Fund (NYSE:XLP), iShares U.S. Consumer Goods ETF (NYSE:IYK).
Price Action: Conagra shares are trading lower by 0.45% at $22.36 on Friday’s last check.
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