News Release

ConAgra Foods Acquires Pita Chip Business from Kangaroo Brands

May 22, 2012, 11:05 AM EDT

OMAHA, Neb.--(BUSINESS WIRE)--May. 22, 2012-- ConAgra Foods, Inc. (NYSE: CAG) announced today that it has acquired Kangaroo Brands' pita chip business. ConAgra Foods' acquisition of the pita chip business is consistent with its strategy to grow its presence in private label foods.

"Pita chips are a high-growth category and a natural fit with ConAgra Foods' private label snacks business," said Gary Rodkin, chief executive officer of ConAgra Foods. "We are pleased to add another business that further positions us for accelerated growth."

Based in Milwaukee, WI, Kangaroo Brands is a leader in private label pita chips and generates approximately $20 million in annual revenue. The acquisition includes a manufacturing facility located in Milwaukee and approximately 50 employees who joined ConAgra Foods from Kangaroo Brands. Kangaroo Brands will continue to own and market its pita bread and frozen sandwiches.

This is the fourth acquisition in the past fiscal year for ConAgra Foods, following the acquisitions of National Pretzel Company, Del Monte Canada and Odom's Tennessee Pride.

Financial terms of the transaction were not disclosed.

About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG), is one of North America's leading food companies, with brands in 97 percent of America's households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other ConAgra Foods brands in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. For more information, please visit us at http://www.conagrafoods.com.

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 savings initiatives; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of any product recalls; 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 Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements included in this release, which speak only as of the date of this release.

Source: ConAgra Foods, Inc.

ConAgra Foods, Inc.
Media: Dan Hare
Director, Communication & External Relations
402-240-5274
Daniel.Hare@ConAgraFoods.com
or
Investors: Chris Klinefelter
Vice President, Investor Relations
402-240-4154
Chris.Klinefelter@ConAgraFoods.com