SAO PAULO, Brazil – Marfig Group announced Wednesday that it has acquired the Pemmican beef jerky brand and related production equipment from ConAgra Foods Inc. through its subsidiary Mirab USA Inc. for $25 million.

Marfrig and ConAgra have also reportedly entered into a sales and distribution agreement for the 5 years up to July 2013 under which ConAgra will sell and distribute the Pemmican brand beef jerky for Marfrig within its existing consumer products division. Marfrig will also co-pack "Slim Jim" beef jerky for ConAgra Foods pursuant to a co-pack agreement between ConAgra Foods and Mirab USA. This agreement does not include the "Slim Jim" beef stick business.

"As one of the world's largest producers of beef, Marfrig can leverage its capabilities to produce Pemmican more efficiently, while also investing more heavily in innovation and marketing," said Paul Lapadat, president of consumer foods snacks and ConAgra Foods. "We remain committed to our snacks business, and will be focusing our energies moving forward on our core snacks portfolio, which includes Slim Jim and our popcorn and seeds products."

Source: ConAgra Foods Inc.