P.M. BRIEFING : Pillsbury to Sell Bumble Bee Unit to Affiliate of Thailand Company

The Pillsbury Co. said today it plans to sell its Bumble Bee Seafoods Inc. subsidiary to an affiliate of Unicord Co. Ltd. of Thailand for $269 million in cash.

The sale of Bumble Bee and its Santa Fe Springs manufacturing facility to the newly formed Uni Group Inc., a U.S.-based affiliate of Unicord, is expected to be completed in September, the companies said.

It follows Pillsbury’s announcement last week that it will sell its Van de Kamp’s frozen seafoods division to the Chicago-based Whitman Corp. for about $140 million in cash.

“Bumble Bee, like Van de Kamp’s, is an exceptionally strong company. However, it does not fit with Pillsbury’s long-range strategy for its core businesses,” said Ian A. Martin, chairman and chief executive officer of Pillsbury.