Conagra completes separation from Lamb Weston
Nov. 10, 2016
by MEAT+POULTRY Staff
All of Conagra Brands outstanding stock was distrubted to shareholders.
CHICAGO – ConAgra Foods Inc. is officially Conagra Brands Inc. now that the separation of its Lamb Weston business is complete. Conagra is now a singularly focused, consumer-branded food company, according to a company release.
At 11:59 p.m. ET on Nov. 9, Conagra Brands distributed all of its outstanding shares of Lamb Weston common stock to Conagra Brands’ shareholders. The distribution was based on a ratio of one share of Lamb Weston common stock for every three shares of Conagra Brands common stock.
“This marks an exciting new chapter for Conagra. We are now a pure-play company with a renewed focus on capturing growth and driving shareholder value,” said Sean Connolly, president and CEO of Conagra Brands. “This has been a time of tremendous change and I want to thank all of our employees for their efforts and determination during this transformation.”
The company’s annualized net sales are expected at $8 billion. Conagra’s common stock will continue to trade on the New York Stock Exchange under the ticker symbol “CAG”; Lamb Weston Holdings Inc., now an independent company, will trade under ticker symbol “LW”.
“Lamb Weston is well positioned to continue to drive growth and capture share in the global frozen potato market,” said Tom Werner, CEO of Lamb Weston. “As an independent, pure play company, we’re better able to sharpen our focus on what we do best to create shareholder value over the long term.”
Lamb Weston, headquartered in Eagle, Idaho, is a leading supplier of frozen potato products to restaurants and retailers around the world. The company employs more than 6,000 people worldwide, and its products can be found in more than 100 countries.
Conagra Brands Inc., headquartered in Chicago, manufactures iconic brands including Marie Callender’s, Reddi-wip, Hunt’s, Healthy Choice, Slim Jim and Orville Redenbacher's.