ConAgra Foods, Inc., Chicago, filed Form 10 Registration Statement with the U.S. Securities and Exchange Commission in connection with its planned separation into two independent public companies—Lamb Weston Holdings, Inc. and ConAgra Brands, Inc. The filing provides detailed information on Lamb Weston’s strategy, business and historical financial results and will be updated with additional information in subsequent amendments as part of the SEC review process.
“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,” says Sean Connolly, president and CEO of ConAgra. “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.”
Current ConAgra Foods director Timothy McLevish will become the executive chairman of the board of directors of Lamb Weston, effective upon the completion of the spin-off.
And, Thomas Werner, currently president of commercial foods at ConAgra Foods, will become chief executive officer of Lamb Weston and will serve as a director on the Lamb Weston board.
Lamb Weston’s portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products, as well as a continued presence in retail frozen products under licensed brands and private brands.
Conagra Brands will be comprised primarily of the operations currently reported as ConAgra Foods’ consumer foods segment, as well as the foodservice business (minus the recently divested Spicetec Flavors & Seasonings and JM Swank businesses). The consumer foods segment consists of leading brands such as Marie Callender’s, P.F. Chang’s, Healthy Choice and more.
The separation is expected to be structured as a spin-off of the Lamb Weston business and tax-free to ConAgra Foods and its shareholders.