Kraft Foods Inc. (KFT) agreed to sell its Minute Rice brand in the U.S. and Canada for $280 million to the Spanish food company Ebro Puleva S.A.

Minute Rice, with 2005 revenue of $90 million, will become part of Ebro's Riviana unit in Houston.

Kraft expects a one-time gain on the transaction of 10 cents a share, and ongoing dilution of 1 cent a share.