ConAgra Foods Becomes Conagra Brands
Company completes spin-off of Lamb Weston business
Conagra Brands, Inc., formerly known as ConAgra Foods, Inc., has completed the previously announced separation of its Lamb Weston business. The company’s name change has also become effective.
“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 chief executive officer 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.”
For the first time in Conagra’s history, the company will be a singularly focused, consumer branded food company. The company name change to Conagra Brands reflects this new direction and streamlined focus. Conagra Brands’ annualized net sales are expected to approximate $8 billion. The company’s common stock continues to trade on the New York Stock Exchange under the ticker symbol “CAG”. Lamb Weston Holdings, Inc., now an independent company, trades on the New York Stock Exchange 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, Chief Executive Officer 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.”
At 11:59 p.m. ET on Nov. 9, 2016, Conagra Brands distributed all of the outstanding shares of Lamb Weston common stock to Conagra Brands’ shareholders of record as of Nov. 1, 2016. The distribution was based on a distribution ratio of one share of Lamb Weston common stock for every three shares of Conagra Brands common stock. Lamb Weston began trading today on the New York Stock Exchange under the ticker symbol “LW”.
Lamb Weston is a supplier of frozen potato products to restaurants and retailers around the world. Started in 1950 and headquartered in Eagle, Idaho, Lamb Weston employs more than 6,000 people worldwide, and its products can be found in more than 100 countries.
Visit www.lambweston.com/investors for additional information, including links to filings with the SEC.