EAGLE, Idaho--(BUSINESS WIRE)--Lamb Weston Holdings, Inc. (NYSE: LW) announced today that it has completed the previously announced spinoff from Conagra Brands, Inc. (formerly ConAgra Foods, Inc.).
“Lamb Weston is well positioned to continue to drive growth and capture share in the global frozen potato market,” said Tom Werner, Chief Executive Officer of Lamb Weston. “As an independent, pure play company, we’re better able to sharpen our focus on what we do best to create shareholder value over the long term.”
At 11:59 p.m. ET on Nov. 9, 2016, Conagra Brands distributed all of the outstanding shares of Lamb Weston common stock to Conagra Brands’ shareholders of record as of Nov. 1, 2016. The distribution was based on a distribution ratio of one share of Lamb Weston common stock for every three shares of Conagra Brands common stock. Lamb Weston began trading today on the New York Stock Exchange under the ticker symbol “LW”.
Lamb Weston is a leading supplier of frozen potato products to restaurants and retailers around the world. Started in 1950 and headquartered in Eagle, Idaho, Lamb Weston employs more than 6,000 people worldwide, and its products can be found in more than 100 countries.
Please visit www.lambweston.com/investors for additional information, including links to filings with the SEC.
About Lamb Weston
Lamb Weston is a leading supplier of
frozen potato, sweet potato, appetizer and vegetable products to
restaurants and retailers around the world. For more than 60 years, Lamb
Weston has led the industry in innovation, introducing inventive
products that simplify back-of-house management for our customers and
make things more delicious for their customers. From the fields where
Lamb Weston potatoes are grown to proactive customer partnerships, Lamb
Weston always strives for more and never settles. Because, when we look
at a potato, we see possibilities. Learn more about us at lambweston.com.
Note on forward-looking statements
This press release
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. We undertake no
responsibility for updating these statements. Many factors could affect
our actual financial results and cause them to vary materially from the
expectations contained in any expressed or implied in any
forward-looking statements. These risks and uncertainties include, among
other things: our ability to successfully execute our long-term value
creation strategy; the competitive environment and related market
conditions; political and economic conditions of the countries in which
we conduct business and other factors related to our international
operations; disruption of our access to export mechanisms; our ability
to complete proposed acquisitions or integrate acquired businesses or
execute on large capital projects; our future debt levels; the
availability and prices of raw materials; changes in our relationships
with our growers or significant customers; the success of our joint
ventures; actions of governments and regulatory factors affecting our
businesses; the ultimate outcome of litigation or any product recalls;
increased pension, labor and people-related expenses; our ability to pay
regular quarterly cash dividends and the amounts and timing of any
future dividends; and other risks and uncertainties. We caution readers
not to place undue reliance on any forward-looking statements included
in this press release, which speak only as of the date of this press
release.
