OMAHA, Neb. (AP) — ConAgra Foods Inc. has acquired the pita chip business of Kangaroo Brands for an undisclosed sum, the food company announced Tuesday.
The deal with Kangaroo, based in Milwaukee, Wis., includes its manufacturing facility and roughly 50 employees who will join ConAgra. Kangaroo will continue to make its pita bread and frozen sandwiches.
ConAgra has been trying to expand its store-brand food business as it sees the popularity of the low-priced products remain high in the tough economy. The company made several bids for private-label food and Post cereal maker Ralcorp last year that were rejected.
This is the fourth acquisition in the past fiscal year for ConAgra, following the acquisitions of National Pretzel Co., Del Monte Canada and Odom's Tennessee Pride.
ConAgra Foods, based in Omaha, Neb., is one of the country's largest food companies with brands such as Chef Boyardee, Orville Redenbacher's and Slim Jim. Its shares rose 10 cents to close at $25.25 Tuesday.