News Release
ConAgra Foods Announces Agreement to Acquire Bertolli and P.F. Chang's Frozen Meals Businesses From Unilever PLC
This acquisition reflects ConAgra Foods’ commitment to continue growing
its core businesses and expanding into strategic adjacencies. The
company’s strong position in the freezer case with brands such as Marie
Callender’s®, Banquet®, Healthy Choice® and
Kid Cuisine®, will be enhanced by the addition of the
Bertolli and P.F. Chang’s brand names and the Italian and Asian food
they bring to the portfolio.
“Bertolli and P.F. Chang’s multi-serve frozen meals are excellent
additions to our portfolio. We’ll use our extensive frozen food and
innovation capabilities to grow these great brands even further,” said
When complete, this acquisition will support ConAgra Foods’ growth
strategy, which includes growing its core businesses and expanding into
adjacent categories, building its private label business and continuing
to develop its international presence. This will be the fifth
acquisition in the last 12 months for
The Bertolli and P.F. Chang’s frozen meals are currently produced in a
Unilever facility that is not included in the sale. As part of the
acquisition, key manufacturing equipment will be relocated to an
existing
The acquisition, which is expected to close within the next 30-60 days
subject to customary closing conditions, does not alter
* The Reconciliation for Regulation G purposes is included at the end of this release.
About
Note on Forward-looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements
are based on management’s current views and assumptions of future events
and financial performance and are subject to uncertainty and changes in
circumstances. We undertake no responsibility for updating these
statements. Readers of this release should understand that these
statements are not guarantees of performance or results. Many factors
could affect our actual financial results and cause them to vary
materially from the expectations contained in the forward-looking
statements, including those set forth in this release. These factors
include, among other things: availability and prices of raw materials,
including any negative effects caused by inflation; the effectiveness of
our product pricing, including any pricing actions and promotional
changes; future economic circumstances; industry conditions; our ability
to execute our operating and restructuring plans; the success of our
innovation, marketing, and cost- saving initiatives; the competitive
environment and related market conditions; operating efficiencies; the
ultimate impact of any product recalls; our success in efficiently and
effectively integrating acquisitions; access to capital; actions of
governments and regulatory factors affecting our businesses, including
the Patient Protection and Affordable Care Act; the amount and timing of
repurchases of our common stock, if any; and other risks described in
our reports filed with the
Regulation G Disclosure
Below is a reconciliation of FY12 diluted earnings per share from continuing operations, adjusted for items impacting comparability. Amounts may be impacted by rounding.
FY12 Diluted EPS from Continuing Operations | ||||||||
Total FY12 | ||||||||
Diluted EPS from continuing operations | $ | 1.12 | ||||||
Items impacting comparability: | ||||||||
Expense related to adoption of new methodology for pension accounting | 0.60 | |||||||
Expense related to unallocated mark-to-market impact of derivatives | 0.14 | |||||||
Expense related to restructuring charges | 0.09 | |||||||
Net expense related to historical legal and insurance matters | 0.03 | |||||||
Expense related to transaction costs of acquisitions | 0.01 | |||||||
Benefit related to acquisition of majority interest in Agro Tech Foods, Ltd. | (0.14 | ) | ||||||
Rounding | (0.01 | ) | ||||||
Diluted EPS adjusted for items impacting comparability | $ | 1.84 |
Source:
ConAgra Foods, Inc.
Media:
Dan Hare, 402-240-5274
Director,
Communication & External Relations
Daniel.Hare@ConAgraFoods.com
or
Investors:
Chris
Klinefelter, 402-240-4154
Vice President, Investor Relations
Chris.Klinefelter@ConAgraFoods.com
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