Conagra Brands To Explore Strategic Alternatives For Gelit
CHICAGO, Jan. 21, 2019 /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) announced that it is exploring strategic alternatives for its Italian-based frozen pasta business, Gelit, which is headquartered in Doganella di Ninfa, Italy. Gelit is a leading producer of authentic Italian frozen food and ready meals, primarily for private label customers. The business employs approximately 145 full-time employees, operates a stand-alone, state-of-the-art facility located in Doganella di Ninfa, and supplies products to a broad range of international customers.
Conagra Brands has engaged BNP Paribas to assist with this process. Conagra Brands has not set a timetable for the strategic process nor has it made any decisions relating to any strategic alternatives at this time, and no assurance can be given as to the outcome of the process. Conagra Brands does not intend to disclose additional details unless and until further disclosure is appropriate or necessary.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Marie Callender's®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
Note on Forward-looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These forward-looking statements include, among others, expectations about future business plans, prospective performance and opportunities. Readers of this document should understand that these statements are not guarantees of performance or results. There is no assurance that any potential transaction will be consummated, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include, among other things, risks related to Conagra Brands' ability to achieve a successful outcome for Gelit, including a potential sale, and Conagra Brands' ability to otherwise achieve its business strategies, including the reshaping of its portfolio and other risks described in Conagra Brands' reports filed from time to time with the Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements included in this document, which speak only as of the date of this document. We undertake no responsibility to update these statements, except as required by law.
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SOURCE Conagra Brands