OMAHA, Neb. (AP) — ConAgra Foods Inc. is paying $10 million to become the majority owner of Indian food company Agro Tech Foods Ltd. as ConAgra looks to broaden its international presence.
ConAgra, whose brands include Banquet, Chef Boyardee, Hunt's and Peter Pan, said Tuesday that it made the payment to an unnamed third party to boost its ownership stake in Agro to more than 50 percent. The company did not disclose what percentage of Agro's stock it owned before the purchase.
Like many food companies, ConAgra is looking to take advantage of spending growth abroad while U.S. consumers continue to be conservative when food shopping because of economic uncertainty.
Agro Tech markets food and ingredients, such as Sundrop edible oils, Crystal sunflower oil and Healthy World dried green peas, to consumers and institutional customers in India.
Copyright 2011 The Associated Press.