ConAgra Foods Completes the Sale of Its Cook's Ham Business to Smithfield Foods, Inc.
April 03 2006 - 4:30PM
Business Wire
Transaction follows March 31 sale of company's seafood business;
ConAgra Foods receives more than $440 million in cash for ham and
seafood businesses ConAgra Foods Inc. (NYSE:CAG), one of America's
leading packaged food companies, today announced that it completed
the previously announced divestiture of its Cook's ham business to
Smithfield Foods, Inc. (NYSE:SFD). The completion of this
divestiture follows ConAgra Foods' announcement on March 31 that it
finalized the sale of its seafood businesses. The company said that
it received more than $440 million in cash for both its ham and
seafood businesses. These transactions reflect ConAgra Foods' plan
to drive consistent and sustainable growth by focusing in those
areas where the company has the strongest competitive position. At
a recent analyst and investor meeting in New York, the company
discussed its intention to divest its cheese and seafood businesses
as well as most of its refrigerated meats business. The company
said that proceeds from these divestitures could be used for a
number of alternatives, including reducing debt, repurchasing
shares, reinvesting in the business and pursuing acquisitions.
ConAgra Foods Inc. (NYSE:CAG) is one of North America's largest
packaged food companies, serving consumer grocery retailers, as
well as restaurants and other foodservice establishments. Popular
ConAgra Foods consumer brands include: Banquet, Chef Boyardee, Egg
Beaters, Healthy Choice, Hebrew National, Hunt's, Marie
Callender's, Orville Redenbacher's, PAM and many others. For more
information, please visit us at www.conagrafoods.com. Note on
Forward-Looking Statements: This news release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current views and assumptions of future
events and financial performance and are subject to uncertainty and
changes in circumstances. Readers of this release should understand
that these statements are not guarantees of performance or results.
Many factors could affect the company's actual financial results
and cause them to vary materially from the expectations contained
in the forward-looking statements. These factors include, among
other things, future economic circumstances, industry conditions,
company performance and financial results, availability and prices
of raw materials, product pricing, competitive environment and
related market conditions, operating efficiencies, access to
capital, actions of governments and regulatory factors affecting
the company's businesses and other risks described in the company's
reports filed with the Securities and Exchange Commission. The
company cautions readers not to place undue reliance on any
forward-looking statements included in this release, which speak
only as of the date made.
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