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ConAgra Foods Announces Agreement to Acquire the Assets of American Pie, LLC

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  Published in House and Home on Monday, June 14th 2010 at 14:25 GMT by Market Wire
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OMAHA, Neb.--([ BUSINESS WIRE ])--ConAgra Foods, Inc. (NYSE: CAG) announced today that it has agreed to acquire the assets of American Pie, LLC, based in Woodbury, N.Y. American Pie manufactures frozen fruit pies, thaw and serve pies, fruit cobblers and pie crusts under the licensed Marie Callendera™s and Claim Jumper trade names, as well as frozen dinners, pot pies and appetizers under the Claim Jumper trade name. Financial terms of the transaction, expected to close within 30 days, were not disclosed.

"Acquiring the Marie Callendera™s retail dessert pie business will allow us to establish a strong presence in frozen dessert by leveraging fully the power of the Marie Callendera™s brand across the frozen case"

At close, the American Pie business will be managed as part of ConAgra Foodsa™ existing Marie Callendera™s frozen business, within its Consumer Foods segment. The companya™s current Marie Callendera™s business includes pot pies and a wide array of single and multi-serve frozen dinners and entrees, sales of which have increased 42 percent over the past five years according to IRI data.

This transaction fits into ConAgra Foodsa™ acquisition strategy which seeks to add depth and strength to its existing product lines in key strategic pillars. By purchasing the assets of American Pie, ConAgra Foods will have the opportunity to expand its presence in the largest category within frozen retail desserts a" frozen pies. The company has existing presence in frozen foods with consumer brands like Banquet® and Healthy Choice® in addition to its existing Marie Callendera™s branded product line.

aAcquiring the Marie Callendera™s retail dessert pie business will allow us to establish a strong presence in frozen dessert by leveraging fully the power of the Marie Callendera™s brand across the frozen case,a said Gary Rodkin, CEO of ConAgra Foods. aMarie Callender got her start selling pies and the brand has a very strong equity with consumers. We look forward to continuing to grow the business by leveraging brand synergies and investing in its relationship with consumers and customers.a

A production facility in Torrance, Calif., is included in the transaction and will join ConAgra Foodsa™ existing manufacturing network. ConAgra Foods currently manufactures Marie Callendera™s-licensed frozen meals at facilities in Council Bluffs, Iowa, Marshall, Mo., and Russellville, Ark. Those facilities are not impacted by this impending acquisition and will continue to operate normally. American Pie, LLC currently employs nearly 125 people primarily located in Torrance, Calif., and an office in Woodbury, N.Y. All are expected to join ConAgra Foods at close.

ConAgra Foods produces, markets and sells its current Marie Callendera™s-branded consumer products under a license agreement with Marie Callendera™s Pie Shops, Inc.

About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG) is one of North Americaa™s leading food companies, with brands in 96 percent of Americaa™s households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunta™s, Marie Callendera™s, Orville Redenbachera™s, PAM, Peter Pan, Reddi-wip and many ConAgra Foods brands 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. For more information, please visit us at [ www.conagrafoods.com ].