CHICAGO, Dec. 18, 2018 /PRNewswire/ -- Today Conagra
Brands, Inc. (NYSE: CAG) announced that it has entered into a
definitive agreement with Richardson International to divest the
Wesson oil brand. The transaction is subject to customary closing
conditions, including the receipt of any applicable regulatory
approvals. We anticipate the transaction to be finalized by the end
of the first quarter of calendar year 2019. The agreement includes
all assets exclusively related to the Wesson brand, including the
facility in Memphis, Tenn.
Financial terms were not disclosed.
Wesson is an iconic edible oil in the U.S., with product
offerings including vegetable, canola, corn and blended
oils.
Richardson International is Canada's largest agribusiness and is
recognized as a global leader in agriculture and food
processing.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago,
is one of North America's leading branded food companies.
Guided by an entrepreneurial spirit, Conagra Brands combines a rich
heritage of making great food with a sharpened focus on innovation.
The company's portfolio is evolving to satisfy people's changing
food preferences. Conagra's iconic brands, such as Birds Eye®,
Marie Callender's®, Banquet®,
Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as
emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth
Balance®, Gardein®, and Frontera®, offer choices for every
occasion. For more information,
visit www.conagrabrands.com.
Note on Forward-looking Statements
This document contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. These
forward-looking statements include, among others, statements
regarding expected benefits of a potential divestiture of the
Wesson oil brand, expectations about future business plans,
prospective performance and opportunities, regulatory approvals and
the expected timing of the completion of the transaction. Readers
of this document should understand that these statements are not
guarantees of performance or results. There is no assurance that
the potential transaction will be consummated, and there are a
number of risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements made
herein. These risks and uncertainties include, among other things:
risk related to the timing to complete a potential divestiture of
certain assets related to the Wesson oil brand; risks related to
the ability and timing to obtain required regulatory approvals and
satisfy other closing conditions for the transaction; risks related
to Conagra Brands' ability to achieve the intended benefits of
acquisitions and divestitures, including the transaction described
in this press release and the spin-off of Conagra Brands' Lamb
Weston business in the second quarter of fiscal 2017; the risk that
the cost savings and any other synergies from the acquisition of
Pinnacle Foods (the "acquisition") may not be fully realized or may
take longer to realize than expected; the risk that the acquisition
may not be accretive within the expected timeframe or to the extent
anticipated; the risks that the acquisition and related integration
will create disruption to Conagra Brands and its management and
impede the achievement of business plans; the risk that the
acquisition will negatively impact the ability to retain and hire
key personnel and maintain relationships with customers, suppliers
and other third parties; risks associated with general economic and
industry conditions; risks associated with Conagra Brands' ability
to successfully execute its long-term value creation strategies,
including those in place for specific brands at Pinnacle Foods
before the acquisition; risks related to Conagra Brands' ability to
deleverage on currently anticipated timelines, and to continue to
access capital on acceptable terms or at all; risks related to
Conagra Brands' ability to execute operating and restructuring
plans and achieve targeted operating efficiencies from cost-saving
initiatives, related to the acquisition and otherwise, and to
benefit from trade optimization programs, related to the
acquisition and otherwise; risks related to the effectiveness of
Conagra Brands' hedging activities and ability to respond to
volatility in commodities; risks related to the Company's
competitive environment and related market conditions; risks
related to Conagra Brands' ability to respond to changing consumer
preferences and the success of its innovation and marketing
investments; risks related to the ultimate impact of any product
recalls and litigation, including litigation related to the lead
paint and pigment matters; risk associated with actions of
governments and regulatory bodies that affect Conagra Brands'
businesses, including the ultimate impact of recently enacted U.S.
tax legislation and related regulations or interpretations; risks
related to 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, related to the acquisition or otherwise; the costs,
disruption, and diversion of management's attention associated with
campaigns commenced by activist investors or due to the integration
of the acquisition; and other risks described in Conagra Brands'
reports filed from time to time with the Securities and Exchange
Commission. We caution readers not to place undue reliance on
any forward-looking statements included in this document, which
speak only as of the date of this document. We undertake no
responsibility to update these statements, except as required by
law.
For more information, please
contact:
MEDIA:
Dan
Hare
312-549-5355
Daniel.hare@conagra.com
INVESTORS:
Brian
Kearney
312-549-5002
ir@conagra.com
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SOURCE Conagra Brands, Inc.