ConAgra Foods completes spinoff of Lamb Weston; changes name to Conagra Brands

CHICAGO - Conagra Brands said it has completed the spin off its Lamb Weston business, as well as its name change from ConAgra Foods.

The company will be a singularly focused, consumer branded food company. The company name change to Conagra Brands reflects the new direction and streamlined focus. Conagra Brands' annualized net sales are expected to approximate $8 billion. The company's common stock continues to trade on the New York Stock Exchange under the ticker symbol "CAG". Lamb Weston Holdings, Inc., now an independent company, trades on the New York Stock Exchange under ticker symbol "LW".

"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," said Sean Connolly, president and chief executive officer of Conagra Brands. "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."