July 24, 2008

Marfrig Group Acquires Pemmican Beef Jerky Brand From ConAgra Foods

Marfrig Group, a producer of beef and beef by-products in Latin America, has acquired the Pemmican beef jerky brand and related production equipment from ConAgra Foods through its subsidiary Mirab USA for $25 million in cash.

Marfrig and ConAgra Foods have also entered into a sales and distribution agreement for the five years up to July 20, 2013 under which, ConAgra Foods will sell and distribute the Pemmican brand beef jerky for Marfrig within its existing consumer products division.

Marfrig will also co-pack "Slim Jim" beef jerky for ConAgra Foods pursuant to a co-pack agreement between ConAgra Foods and Mirab USA. This agreement does not include the "Slim Jim" beef stick business.

Paul Lapadat, president of consumer foods snacks at ConAgra Foods, said: "As one of the world's largest producers of beef, Marfrig can leverage its capabilities to produce Pemmican more efficiently, while also investing more heavily in innovation and marketing. We remain committed to our snacks business, and will be focusing our energies moving forward on our core snacks portfolio, which includes Slim Jim and our popcorn and seeds products."