Borden Foods Corporation yesterday announced that it has sold the It’s Pasta Anytime(TM) business to Kraft Foods Inc., headquartered in Northfield, Ill.
Kraft Foods has acquired the It’s Pasta Anytime(TM) brand, as well as the patented process and equipment to manufacture the products under the brand name. It’s Pasta Anytime(TM) was introduced nationally in April 2000 as a shelf-stable pasta and sauce meal. Currently the product line includes six different combinations of pasta shapes and sauce flavors. Introductory year’s sales were approximately $36 million.
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“We are pleased that Kraft recognizes the value of the It’s Pasta Anytime(TM) brand and the potential of the patented technology utilized to manufacture this innovative product,” said C. Robert Kidder, Chairman, Borden Foods, and also Chairman and Chief Executive Officer of its affiliate, Borden, Inc. “The Borden Foods team has created a unique product offering that has won awards for its excellent taste and innovative packaging. They have built a business founded on meeting consumer needs with a product that has been well-received by our trade partners.”
Goldman, Sachs & Co., an investment banking firm, acted as financial advisor to Borden Foods on this transaction.
With the sale of the It’s Pasta Anytime(TM) business, Borden Foods has now sold all of its operations. The Columbus, Ohio, headquarters will close by the end of the year.
Borden Foods Corporation is an affiliate of Borden, Inc. Other companies in the Borden Family include Borden Chemical, Inc., World Kitchen, Inc. and Elmer’s Products, Inc.
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