Unilever has sold its North American frozen business to ConAgra Foods, in a deal worth $265m (£168.9m).

ConAgra will take on the license to sell frozen items under the Bertolli brand, which Unilever will retain for its continuing pasta sauce business. The license for PF Chang’s Home Menu range also changes hands.

Yesterday’s sale – which is subject to regulatory clearance – continues Unilever’s exit from the frozen arena, having sold its European frozen businesses several years ago.

“Bertolli and PF Chang’s frozen meals are two attractive businesses with a focus on quality ingredients and differentiated technology,” said Unilever’s North America president, Kees Kruythoff.

“I am confident they will continue to do well under ConAgra Foods’ management.”

Meanwhile, Unilever today announced a $1bn (£637m) bond issue in the US designed to raise cash for “general corporate purposes”.