J&J Snack Foods to Acquire ConAgra's Frozen Handheld Business
PENNSAUKEN, N.J. -- J & J Snack Foods Corp entered into an agreement to acquire the frozen handheld business of ConAgra Foods for an undisclosed price. The business sells dough-enrobed products under the PATIO, HAND FULLS, HOLLY RIDGE BAKERY, VILLA TALIANO, TOP PICKS and private label brands with manufacturing facilities in Holly Ridge, N.C. and Weston, Ore.
J&J said that it does not expect the acquired business to contribute operating income to the company over the short term. The business is presently generating sales at an annual rate of approximately $50 million. Closing of the transaction is expected to be in May 2011.
Gerald B. Shreiber, president and CEO of J & J Snack Foods Corp., said the company is "excited about this opportunity." He added, "This is a fine line of products that will expand our portfolio of brands to existing and new venues."