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ConAgra Completes Lamb Weston Spinoff, Changes Name

Posted On: 11/14/2016

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TAGS: ConAgra Brands Inc., Lamb Weston spinoff, frozen potato business, ConAgra Foods, Orville Redenbacher, Banquet, Healthy Choice, Marie Callender's

CHICAGO -- The newly dubbed ConAgra Brands Inc. has completed the spinoff of its Lamb Weston frozen potato business. Its new name, representing its remaining branded food business, changed from ConAgra Foods.

For the first time in ConAgra's history, the company will be exclusively focused on its consumer brands, which include Orville Redenbacher, Banquet, Healthy Choice and Marie Callender's.

Conagra Brands' annualized net sales are expected to be $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 Exchange as "LW."

The move completes two years of transition at ConAgra. The company sold off its unit that made store-brand foods, cut around 1,500 jobs and moved its headquarters to Chicago from Omaha, NE.