Conagra Brands, Inc., formerly known as ConAgra Foods, Inc., has completed the previously announced separation of its Lamb Weston frozen potato, sweet potato, appetizer and vegetable products 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. “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 its history, Conagra will be a singularly focused, consumer branded food company. The 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.
Headquartered in Chicago, Illinois, Conagra is one of North America’s leading branded food companies. Among its frozen product ranges are Marie Callender’s, Healthy Choice, Banquet, Alexia and Blake’s.
New Board Member
Meanwhile, Craig P. Omtvedt has been appointed to the board of directors of Conagra Brands, increasing its membership to 10.
The 67-year-old accomplished executive was senior vice president and chief financial officer of Fortune Brands, Inc. from 2000 until his retirement in October 2011, and was a consultant at Beam Inc., the successor to Fortune Brands, during 2012. Additionally, he has held financial positions at The Pillsbury Company and Sears, Roebuck & Company, and has been director of Oshkosh Corporation since 2008 and General Cable Co. since 2004. He previously served as a director of The Hillshire Brands Company from 2012-14.
