ConAgra increases ownership in Agro Tech Foods
Nov. 29, 2011
OMAHA, NEB. — ConAgra Foods, Inc. has increased its ownership of shares in Indian food company Agro Tech Foods, Ltd. to 50%. ConAgra purchased the additional shares from a third party for about $10 million.
“ConAgra Foods has enjoyed a strong partnership with Agro Tech Foods, dating back to 1997, and we believe strongly in its business model and leadership team,” said Gary Rodkin, chief executive officer of ConAgra. “Expanding our international business is a key part of our strategic plan, and India represents an attractive growth market for ConAgra Foods. We will continue to work with Agro Tech’s management team to expand its business and our investment in this important region.”
Agro Tech Foods markets food and food ingredients to consumers and institutional customers in India. The company’s brands include Sundrop edible oils, shelf-stable pudding and peanut butter; Crystal branded sunflower oil; and Healthy World dried green peas.
“We are excited that ConAgra Foods has increased its ownership stake in Agro Tech Foods and look forward to working with the company more collaboratively to increase our growth and profitability,” said Sachin Gopal, president and chief executive officer of Agro Tech Foods.