PARSIPPANY, N.J. (AP) — Food conglomerate ConAgra Inc. is buying International Home Foods Inc. for $1.6 billion in cash and stock in a deal that brings together the makers of Hunt's ketchup and Gulden's Mustard.
The deal comes amid a flurry of consolidation in the food industry as manufacturers seek to expand their portfolios of brands so they can have more clout with grocers in bargaining for shelf space in supermarkets.
ConAgra, which is based in Omaha, Neb., has annual sales of more than $25 billion and owns companies across the food chain, including meatpacking and fertilizer businesses and some 100 consumer brands, including such well-known names as Hunt's, Butterball, Healthy Choice, Orville Redenbacher and Swiss Miss.