ConAgra Foods Announces Additional $750 Million Share Repurchase Authorization
December 14 2011 - 10:56AM
Business Wire
ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading
food companies, today announced that the board of directors
approved a $750 million increase to the company’s share repurchase
authorization, with no expiration date. Shares are expected to be
repurchased periodically over several years, depending on market
conditions and other factors, through open-market or privately
negotiated transactions. The repurchases are expected to be funded
by cash generated from operations. This authorization is part of
broader capital allocation priorities that include maintaining an
investment grade rating and strong balance sheet while deploying
the company’s strong free cash resources towards a top-tier
dividend policy, strategic acquisitions and other growth
investments, and share repurchases.
ConAgra Foods, Inc., (NYSE: CAG) is one of North America's
leading food companies, with brands in 97 percent of America’s
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Healthy Choice, Hebrew National, Hunt’s, Marie Callender’s, Orville
Redenbacher’s, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and
many other ConAgra Foods brands in grocery, convenience, mass
merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet
potato products as well as other vegetable, spice and grain
products to a variety of well-known restaurants, foodservice
operators and commercial customers. For more information, please
visit us at www.conagrafoods.com.
Note on Forward-looking Statements
This 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. The company
undertakes no responsibility for updating these statements. 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, including those set forth in this release. These
factors include, among other things: availability and prices of raw
materials; the effectiveness of the company’s product pricing,
including any pricing actions and promotional changes; future
economic circumstances; industry conditions; the company’s ability
to execute its operating and restructuring plans; the success of
the company’s innovation, marketing, and cost savings initiatives;
the amount and timing of repurchases of the company’s common stock,
if any; the competitive environment and related market conditions;
operating efficiencies; the ultimate impact of any product recalls;
access to capital; actions of governments and regulatory factors
affecting the company’s businesses, including the Patient
Protection and Affordable Care Act; 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 of this release.
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