US-based ConAgra Foods, the packaged food provider, has announced the acquisition of Ralcorp, the manufacturer of private label food in the US, for approximately $6.8bn, which includes the assumption of debt.

ConAgra Foods CEO Gary Rodkin said they had reached an agreement with Ralcorp following a dialogue between the two companies."The acquisition of Ralcorp is a logical and exciting step for ConAgra Foods. Adding Ralcorp provides us with a much larger presence in the attractive and growing private label segment and accelerates our Recipe for Growth strategy," Rodkin said.

Ralcorp produces a variety of private-brand foods sold under the individual labels of various grocery, mass merchandise and drugstore retailers, and frozen bakery products sold to in-store bakeries, restaurants and other foodservice customers.

ConAgra Foods is a North American food company, whose products include Consumers find Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, among others.