CHICAGO--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 Foods
ConAgra 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 Statements
This 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.