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ConAgra (CAG) Stock Gains on $2.7 Billion Private Label Unit Sale

NEW YORK (TheStreet) -- ConAgra Foods (CAG - Get Report) stock is advancing 3.58% to $42 in pre-market trading on Monday, after the company agreed to sell its private label operations to TreeHouse Foods (THS) for about $2.7 billion in cash.

TreeHouse Foods stock is up 0.42% to $86 in pre-market trading this morning.

The deal, which is expected to close in the first quarter of 2016, includes 32 manufacturing facilities in the U.S., Canada and Italy.

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ConAgra will retain some private label units that are connected to its consumer foods business, such as canned pasta, cooking spray, peanut butter and other products.

"The sale of our private label business marks another important milestone as we remake ConAgra Foods into a focused, higher-margin, more contemporary and higher-performing company," ConAgra CEO Sean Connolly said in a statement.

The company plans to use the proceeds from the sale to lower its debt.

Separately, TheStreet Ratings team rates CONAGRA FOODS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say...