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ConAgra to buy Odom's Tennessee Pride
Story Date: 4/18/2012
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Source: Lisa M. Keefe, MEATINGPLACE, 4/17/12
Seeking to expand its breakfast portfolio, ConAgra Foods Inc. said late Tuesday that it will buy Odom's Tennessee Pride, a leading producer of frozen and refrigerated breakfast sandwiches and sausage.
The agreement includes Odom's facilities in Little Rock, Ark., and Dickson, Tenn., and its headquarters office in Madison, Tenn. Odom's Tennessee Pride has about 750 employees, More than $190 million in annual revenue, and is the second-largest producer of frozen breakfast sandwiches in the U.S.
ConAgra is a diversified food manufacturer with about $12.3 billion in annual revenues.
The transaction is expected to close within the next 45 days and subject to customary closing conditions. Terms of the sale were not disclosed.
"The acquisition of Odom's Tennessee Pride will build on our strong position in frozen meals and allow us to leverage our existing innovation, marketing and distribution abilities," ConAgra CEO Gary Rodkin said in a news release. "We are excited to develop our portfolio in the growing breakfast category."
"We are proud of the business we've built over the past three generations," said Larry Odom, Chairman and CEO of Odom's Tennessee Pride. "We are excited to join ConAgra Foods and we look forward to being a part of their growth plans."
In 2004, Odom's chief operating officer, Jim Stonehocker, was awarded the Richard L. Knowlton Award by Meatingplace for his commitment to food safety, humane handling and philanthropy.
For more stories, go to http://www.meatingplace.com/.
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