ConAgra Files For Split Into Two Companies, Names Executives Of New Lamb Weston

ConAgra Foods Inc. said Wednesday it has filed with the U.S. Securities and Exchange Commission regarding its planned split into two independent public companies, Lamb Weston Holdings Inc. and Conagra Brands Inc. The company said ConAgra Foods director Timothy McLevish will become executive chairman of the board of Lamb Weston, and Thomas Werner, currently president of commercial foods at ConAgra Foods, will become chief executive. Lamb Weston will have a portfolio of foods, including frozen potato, sweet potato, appetizer and other vegetable products, along with private-brand retail frozen products. ConAgra Brands will be comprised of the ConAgra Foods' consumer foods segment and the foodservice business, which includes brands like Marie Callender's, Hunt's, RO*TEL, Reddi-wip, Slim Jim, Chef Boyardee, Orville Redenbacher's, P.F. Chang's and Healthy Choice. The split will be structured as a spin-off of the Lamb Weston business and will be tax free to ConAgra and its shareholders. ConAgra shares were not yet active in premarket trade, but are up 15% in the year to date, while the S&P 500 has gained 5%.