ConAgra Foods Completes Sales of JM Swank and Spicetec Flavors & Seasonings
July 25 2016 - 3:27PM
Business Wire
ConAgra Foods, Inc. (NYSE: CAG) today announced the completion
of two separate divestitures: the sale of its JM Swank business to
Platinum Equity and the sale of its Spicetec Flavors &
Seasonings business to Givaudan.
Sean Connolly, president and chief executive officer of ConAgra
Foods, said, "Today marks an important milestone for ConAgra Foods.
The completion of these two divestitures is another step
on our journey to becoming a more focused and higher
performing company.” He added, “We truly appreciate the
contributions of the JM Swank and Spicetec Flavors & Seasonings
employees, and we’re confident that both companies will be well
positioned for continued growth as part of Platinum Equity and
Givaudan, respectively.”
ConAgra Foods generated approximately $488 million in combined
net proceeds from the sales, subject to any final working capital
adjustments.
About ConAgra FoodsConAgra Foods, Inc. (NYSE: CAG) is one
of North America's leading packaged food companies with recognized
brands such as Marie Callender's®, Healthy Choice®, Slim Jim®,
Hebrew National®, Orville Redenbacher's®, Peter Pan®, Reddi-wip®,
PAM®, Snack Pack®, Banquet®, Chef Boyardee®, Egg Beaters®, Hunt’s®
and many other ConAgra Foods brands found 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 www.conagrafoods.com.
Note on Forward-looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of future
performance; actual outcomes and results may differ materially from
those expressed in, or implied by, these statements. These
forward-looking statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These risks and uncertainties include, among other
things: general economic and industry conditions; ConAgra Foods’
ability to successfully execute its long-term value creation
strategy; ConAgra Foods’ ability to successfully complete the
spinoff of its Lamb Weston business on a tax-free basis, within the
expected time frame or at all, and achieve the intended benefits of
the spinoff; ConAgra Foods’ ability to access capital; ConAgra
Foods’ ability to execute its operating and restructuring plans and
achieve its targeted operating efficiencies, cost-saving
initiatives, and trade optimization programs; the effectiveness of
ConAgra Foods’ hedging activities, including volatility in
commodities that could negatively impact its derivative positions
and, in turn, its earnings; the competitive environment and related
market conditions; ConAgra Foods’ ability to respond to changing
consumer preferences and the success of its innovation and
marketing investments; the ultimate impact of any product recalls
and litigation, including litigation related to the lead paint and
pigment matters; actions of governments and regulatory factors
affecting ConAgra Foods’ businesses, including the Patient
Protection and Affordable Care Act; the availability and prices of
raw materials, including any negative effects caused by inflation
or weather conditions; risks and uncertainties associated with
intangible assets, including any future goodwill or intangible
assets impairment charges; ConAgra Foods’ ability to realize the
synergies and benefits contemplated by the Ardent Mills joint
venture; the costs, disruption, and diversion of management's
attention associated with campaigns commenced by activist
investors; and other risks described in ConAgra Foods’ reports
filed with the Securities and Exchange Commission, including its
most recent annual report on Form 10-K and subsequent reports on
Forms 10-Q and 8-K. Investors and security holders are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date they are made. ConAgra Foods
disclaims any obligation to update or revise statements contained
in this press release to reflect future events or circumstances or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160725006292/en/
ConAgra Foods, Inc.Media:Dan Hare,
312-549-5355daniel.hare@conagrafoods.comorInvestors:Johan Nystedt,
312-549-5002IR@conagrafoods.com
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