CHICAGO _ Conagra Brands announced Wednesday that it will acquire Pinnacle Foods for $10.9 billion in cash and debt, forming a powerhouse company in the challenging frozen food category.
Chicago-based Conagra, known for brands like Marie Callender's, Healthy Choice and Banquet in the frozen food aisles, has long had its sights set on New Jersey-based Pinnacle, whose portfolio includes Birds Eye and Hungry-Man frozen products.
Revamping and modernizing its frozen foods has been part of Conagra's quest in recent years under CEO Sean Connolly. Based on last year's figures, sales of the combined company would have been $11 billion, according to a Conagra news release.
