McCain Agrees to Sell North American Frozen Pizza Business

McCain Foods said Wednesday it has signed an agreement to sell its North American frozen pizza business to Dr. Oetker.

The agreement covers the Ellio's brand in the United States and includes a two-year license for the use of the McCain brand in Canada.

According to McCain, production of frozen pizza represents only a small part of its North American operations and the sale will allow the company to focus on other areas.

The transaction includes operations in Grand Falls, New Brunswick and Lodi, New Jersey. McCain Foods said employees at these facilities will be offered a job at Dr. Oetker.

Financial details of the deal were not immediately disclosed. The agreement is subject to approval by Canadian regulatory authorities.