ConAgra Foods Files Form 10 for Planned Spin-off

ConAgra Foods, Inc.

disclosed that it filed a Form 10 Registration Statement with the SEC in respect of its planned separation into two independent public companies, i.e. Lamb Weston Holdings, Inc. and Conagra Brands, Inc. According to the company, the filing provided detailed information on Lamb Weston's tactics, business and historical financial results. The company added that it would be updated with more data in subsequent amendments as part of the process. ConAgra Foods said that more information on its tactics, as well as, financial results of the two firms would be provided at a separate investor days to be held before the completion of the separation process. The company's president and CEO, Sean Connolly, said, "We believe that this separation will create two focused companies that are well-positioned to unlock unique growth opportunities to win in the marketplace and create value for stockholders. We have made tremendous progress since last November when we announced our plan to separate, and the filing of the Form 10 marks an important milestone in this process. We remain on track to complete the separation by the fall of calendar 2016." According to the filing, its director, Timothy McLevish, would be the executive chairman of the board of directors of Lamb Weston upon the spin-off completion. Similarly, Thomas Werner, its president of Commercial Foods, would assume the role of CEO of Lamb Weston and would serve as a director on its board. Lamb Weston's portfolio would include frozen potato, sweet potato, appetizer and other vegetable products. It would have a continued presence in retail frozen products under licensed brands, as well as, private brands. As far as ConAgra Brands is concerned, it would comprise mainly of the operations currently reported as ConAgra Foods' Consumer Foods segment, and the Foodservice business. Its recently divested Spicetec Flavors & Seasonings and JM Swank businesses are currently reported in the Commercial Foods segment and excluded. The company expects the spin-off of the Lamb Weston business to be tax-free to ConAgra Foods and its shareholders. On Tuesday, the stock shed 0.81 percent.