J & J Snack Foods Corp announces planned Acquisition of Frozen Handheld Business from Conagra Foods

J &J Snack Foods Corp. (NASDAQ-JJSF) announced today that it has entered into an agreement to acquire the frozen handheld business of ConAgra Foods for an undisclosed price. The business sells dough enrobed products sold under the PATIO, HAND FULLS, HOLLY RIDGE BAKERY, VILLA TALIANO, TOP PICKS and private label brands with manufacturing facilities in Holly Ridge, North Carolina and Weston, Oregon.

The Company said that it does not expect the acquired business to contribute operating income to the Company over the short term. The business is presently generating sales at an annual rate of approximately $50 million. Closing of the transaction is expected to be in May 2011.

Gerald B. Shreiber, President and Chief Executive Officer of J &J Snack Foods Corp., commented, “We are excited about this opportunity. This is a fine line of products that will expand our portfolio of brands to existing and new venues.”