Conagra Brands (CAG) said Thursday it has agreed to sell its Chef Boyardee shelf-stable pasta business to Brynwood Partners' Hometown Food unit for $600 million in cash.
The deal includes the Chef Boyardee manufacturing plant in Milton, Pennsylvania, and all related assets, except for frozen skillet meals, which Hometown will license back to Conagra, the company said.
Conagra said it plans to use the sale proceeds to reduce its debt.
The transaction is expected to close in Q1 of fiscal 2026, pending standard regulatory approvals, it added.
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