ConAgra Foods Inc. (NYSE: CAG) is selling the JM Swank food ingredient distribution business to Platinum Equity. The divestiture is another move in ConAgra’s process to reshuffle the company’s product mixes through M&A. JM Swank distributes ingredients such as grains, sweeteners and seeds.
"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,” says ConAgra CEO Sean Connolly. Financial terms of the deal were not disclosed. Wells Fargo Securities LLC (NYSE: WFC) is advising ConAgra on the sale.