ConAgra Foods Inc. announced today the initial filing of a Form 10 Registration Statement with the U.S. Securities & Exchange Commission (SEC) 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. Additional information on the strategy and financial performance of both companies will be provided at separate investor days held prior to completion of the separation.
“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,” said Sean Connolly, ConAgra Foods president and chief executive officer. “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.”
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. Lamb Weston will focus on opportunities to expand share domestically and accelerate international growth, particularly within fast-growing emerging markets.
The separation is expected to be structured as a spin-off of the Lamb Weston business and to be tax free to ConAgra Foods and its shareholders. The separation remains subject to certain conditions, including, among others, obtaining final approval from the board of directors of ConAgra Foods, the SEC declaring Form 10 effective and receipt of an opinion from the tax counsel on the tax-free nature of the spin-off to ConAgra Foods and its shareholders.