J & J Snack Foods Corporation (NASDAQ-JJSF) has entered into an agreement to acquire the frozen handheld business of ConAgra Foods for an undisclosed price. The business sells dough-enrobed products sold under the Patio, Hand Fulls, Holly Ridge Bakery, Villa Taliano, Top Picks, and private label brands with manufacturing facilities in Holly Ridge NC and Weston OR.
The company said it does not expect the acquired business to contribute operating income to J & J over the short term. The business is presently generating sales at an annual rate of approximately $50 million. Closing of the transaction is expected to be in May 2011.
J & J has manufacturing facilities in Pennsauken, Bridgeport, and Bellmawr NJ; Scranton, Hatfield, and Chambersburg PA; Carrollton TX; Atlanta GA; Moscow Mills MO; Pensacola FL; and Colton, Vernon, and Norwalk CA.
