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ConAgra agreed to sell its Spicetec Flavors & Seasonings business to Switzerland-based Givaudan, the global leader in the fragrance and flavor industry, for $340 million. “Our goal continues to be driving greater shareholder value by making ConAgra Foods a more focused and higher performing company,” said Sean Connolly, president and chief executive officer of ConAgra Foods. “The divestiture of JM Swank is the most recent step we have taken to allow us to drive growth by continuing to invest in our product portfolio.” ConAgra Foods has recently been divesting other businesses, including the sale of its private brands business to TreeHouse Foods, and the spinoff of its consumer brands and frozen potato businesses into independent publicly traded companies. ConAgra also plans to lay off 1,500 office-based employees around the world and relocate its headquarters from Omaha to Chicago. “We are proud of the relationship we’ve developed with ConAgra Foods and look forward to working together throughout the transition and beyond,” said Platinum Equity’s founder and CEO Tom Gores. “JM Swank is a leader in its industry and our team is excited to partner with management to help drive growth and create new value.” Wells Fargo Securities, LLC served as exclusive financial advisor to ConAgra on the transaction. Platinum Equity is a global private equity firm with a portfolio of approximately 25 operating companies. The firm specializes in acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years, Platinum Equity has completed more than 175 acquisitions. The firm was founded in 1995 by billionaire Tom Gores, owner of the NBA’s Detroit Pistons. ConAgra Foods, Inc. (NYSE: CAG) is one of North America’s leading packaged food companies with recognized brands such as Marie Callender’s, Healthy Choice, Slim Jim, Hebrew National, Orville Redenbacher’s, Peter Pan, Reddi-ip, PAM, Snack Pack, Banquet, Chef Boyardee, Egg Beaters, Hunt’s and many other ConAgra Foods brands found 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. ConAgra was founded in 1919 and is headquartered in Omaha, Nebraska.]]>