Bimbo Bakeries Acquires Lender’s Bagel Business from Conagra Brands

Conagra Brands has announced that it has completed the divestiture of its Lender’s Bagel business to Bimbo Bakeries USA, Inc., a subsidiary of Grupo Bimbo S.A.B. de C.V.

The transaction included the Lender’s brand and related intellectual property, the production facility in Mattoon, Illinois, USA, and inventory. In 2019, the company entered into a definitive agreement to divest its Lender’s bagel business, which is part of the Refrigerated & Frozen segment. The expected annualized impact of the divestiture is a reduction of approximately USD50m of net sales.

On the occasion of reporting the second quarter of 2019 results, Sean Connolly, president and chief executive officer of Conagra Brands, commented: “Our expectation for fiscal 2020 remains that first-half investments will result in strong second-half performance. The second-half is when we expect to see the greatest impact from new frozen and snacks innovation, continued smart promotional support in key grocery brands, the ongoing implementation of our Pinnacle action plan, and synergy capture.”