News Release
ConAgra Foods Files Form 10 Registration Statement for Planned Spin-off, Announces Key Lamb Weston Leadership Positions
ConAgra Foods Takes Important Step in Separating into Two, Independent Companies
Separation Remains on Track for Fall 2016
“We believe that this separation will create two focused companies that
are well-positioned to unlock unique growth opportunities to win in the
marketplace and create value for stockholders,” said
As disclosed in the filing, current
“I’m excited to be named executive chairman of Lamb Weston,” said McLevish. “I’ve had the opportunity to get to know this business very well, and I believe it has terrific prospects as a stand-alone company. We are extremely well-positioned for long-term growth and shareholder value creation.”
Additionally,
Mr. Werner commented, “As Lamb Weston prepares for life as an independent company, it is ideally suited to continue to deliver leading products for our customers and value for our shareholders. I look forward to leading our talented team as we capitalize on the opportunities that lie ahead.”
Lamb Weston’s portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products, as well as a continued presence in retail frozen products under licensed brands and private brands. With distinct competitive advantages in key geographies, Lamb Weston will leverage this strong foundation to build upon its proven track record of growth. Lamb Weston will focus on opportunities to expand share domestically and accelerate international growth, particularly within fast-growing emerging markets.
Conagra Brands will be comprised primarily of the operations currently
reported as ConAgra Foods’
The separation is expected to be structured as a spin-off of the Lamb
Weston business and tax-free to
About
Mr. McLevish, 61, is the former chief financial officer and executive
vice president at
About
Mr. Werner, 50, is ConAgra Foods’ current president,
About
Note on Forward-looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These risks and uncertainties include, among other
things: ConAgra Foods’ ability to successfully complete the spin-off of
its Lamb Weston business on a tax-free basis, within the expected time
frame or at all; ConAgra Foods’ ability to execute its operating and
restructuring plans and achieve its targeted operating efficiencies,
cost-saving initiatives, and trade optimization programs; ConAgra Foods’
ability to successfully execute its long-term value creation strategy;
ConAgra Foods’ ability to realize the synergies and benefits
contemplated by the Ardent Mills joint venture; risks and uncertainties
associated with intangible assets, including any future goodwill or
intangible assets impairment charges; the availability and prices of raw
materials, including any negative effects caused by inflation or weather
conditions; the effectiveness of ConAgra Foods’ product pricing efforts,
whether through pricing actions or changes in promotional strategies;
the ultimate outcome of litigation, including litigation related to the
lead paint and pigment matters and the accident at its former Garner
plant; future economic circumstances; industry conditions; the
effectiveness of ConAgra Foods’ hedging activities, including volatility
in commodities that could negatively impact ConAgra Foods’ derivative
positions and, in turn, ConAgra Foods’ earnings; the success of ConAgra
Foods’ innovation and marketing investments; the competitive environment
and related market conditions; the ultimate impact of any ConAgra Foods’
product recalls; access to capital; actions of governments and
regulatory factors affecting ConAgra Foods’ businesses, including the
Patient Protection and Affordable Care Act; the amount and timing of
repurchases of ConAgra Foods’ common stock and debt, if any; the costs,
disruption and diversion of management’s attention associated with
campaigns commenced by activist investors; and other risks described in
ConAgra Foods’ reports filed with the
View source version on businesswire.com: http://www.businesswire.com/news/home/20160713005384/en/
Source:
ConAgra Foods, Inc.
MEDIA:
Jon Harris, 312-549-5356
Jon.Harris@ConAgraFoods.com
or
ANALYSTS:
Johan
Nystedt, 312-549-5002
IR@ConAgraFoods.com
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