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OMAHA, Neb. -- On the heels of finalizing the sale of its seafood businesses, ConAgra Foods Inc. has now completed divestiture of its Cook's ham business to Smithfield Foods, Inc.
With the Cooks divestiture complete, ConAgra said it has received more than $440 million in cash for both its ham and seafood businesses.
The company said the transactions reflect its plan to drive consistent and sustainable growth by focusing in those areas where it has the strongest competitive position. At a recent analyst and investor meeting in New York, the company discussed its intention to divest its cheese and seafood businesses, as well as most of its refrigerated meats business.
ConAgra said that proceeds from these divestitures could be used for a number of alternatives, including reducing debt, repurchasing shares, reinvesting in the business and pursuing acquisitions.