ConAgra Foods has completed the planned sale of two of its smaller business units, the company said Monday.
The company sold its JM Swank business, a food ingredient distributor, to private equity firm Platinum Equity for an undisclosed sum, and its Spicetec Flavors & Seasonings to competitor Givaudan, for about $340 million.
ConAgra, the Chicago-based food manufacturer formerly headquartered in Omaha, has been paring down its business to focus on its consumer food brands, including Slim Jim, Chef Boyardee and Peter Pan.
“The completion of these two divestitures is another step on our journey to becoming a more focused and higher-performing company,” ConAgra Chief Executive Sean Connolly said.
ConAgra said the sales generated about $488 million in combined net proceeds.
ConAgra shares were up about 0.1 percent Monday to close at $47.37 each on the New York Stock Exchange.