ConAgra Foods Inc. (NYSE:CAG) is selling the Spicetec flavors and seasonings business to Givaudan for $340 million. The sale is the latest move by CEO Sean Connolly to get the company to focus on core brands, including Chef Boyardee, Hebrew National, Hunt’s and Slim Jim.
Spicetec produces flavors, spices and seasoning products for food manufacturers. The target will remain a supplier to ConAgra after the transaction closes. Givaudan, located in Vernier, Switzerland, makes flavors for the food and beverage, fragrances and personal care sectors.