ConAgra Foods, Chicago, completed the previously announced separation of its Lamb Weston business, thus making the name change to Conagra Brands, Inc. effective immediately.
“This marks an exciting new chapter for Conagra. We are now a pure-play company with a renewed focus on capturing growth and driving shareholder value,” says Sean Connolly, president and CEO. “This has been a time of tremendous change, and I want to thank all of our employees for their efforts and determination during this transformation.”
For the first time in Conagra’s history, the company will be a singularly focused, consumer-branded food company. The company name change to Conagra Brands reflects this new direction and streamlined focus. Conagra Brands’ annualized net sales are expected to approximate $8 billion.
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.