CPC International agreed to buy Arnold Foods Co.

CPC said it agreed to pay $145 million for the privately held producer of baked goods. CPC is a major grocery products and corn-processing concern, whose products include Skippy peanut butter, Best Foods mayonnaise and Mazola corn oil. Arnold Foods, based in Greenwich, Conn., has been owned for the past two years by an investor group that includes Arnold Foods management and Clayton & Dubilier Inc., an investment firm that specializes in taking companies private through leveraged buyouts.