CHICAGO, Oct. 26, 2018 /PRNewswire/ -- Conagra
Brands, Inc. (NYSE: CAG) today announced the successful completion
of its acquisition of Pinnacle Foods (NYSE: PF). The closing of the
transaction follows the approval of Pinnacle Foods' shareholders
and satisfaction of all terms and conditions.
Through the acquisition, Conagra Brands adds iconic brands to
its portfolio, including Birds Eye, Duncan Hines, Earth Balance and
Vlasic, as well as emerging brands, such as Gardein,
Glutino, Udi's, Wish-Bone and EVOL,
among others.
"Expanding Conagra Brands' portfolio through the acquisition of
Pinnacle Foods creates a tremendous opportunity to drive profitable
growth and shareholder value by further leveraging our proven
approach to innovation, brand-building, operational excellence and
deep customer relationships," said Sean
Connolly, president and chief executive officer of Conagra
Brands. "We are excited to combine the Pinnacle and Conagra Brands
portfolios in the attractive frozen meals and snacks and sweet
treats categories. The complementary brands, operations and
results-oriented cultures will help facilitate an effective
integration and the continued transformation of Conagra
Brands."
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG),
headquartered in Chicago, is one
of North America's leading branded
food companies. Guided by an entrepreneurial spirit, Conagra Brands
combines a rich heritage of making great food with a sharpened
focus on innovation. The company's portfolio is evolving to satisfy
people's changing food preferences. Conagra's iconic brands, such
as Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, and Slim Jim®,
as well as emerging brands, including Angie's® BOOMCHICKAPOP®,
Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for
every occasion.
Note on Forward-looking Statements
This document
contains forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements are based
on management's current expectations and are subject to uncertainty
and changes in circumstances. Readers of this document should
understand that these statements are not guarantees of performance
or results. Many factors could affect actual results and cause them
to vary materially from the expectations contained in the
forward-looking statements, including those set forth in this
document. These risks and uncertainties include, among other
things: the risk that the cost savings and any other synergies from
the acquisition of Pinnacle Foods (the "acquisition") may not be
fully realized or may take longer to realize than expected; the
risk that the acquisition may not be accretive within the expected
timeframe or to the extent anticipated; the risk that shareholder
litigation in connection with the acquisition may result in
significant costs of defense, indemnification and liability; the
risks that the acquisition and related integration will create
disruption to Conagra Brands and its management and impede the
achievement of business plans; the risk that the acquisition will
negatively impact the ability to retain and hire key personnel and
maintain relationships with customers, suppliers and other third
parties; risks related to Conagra Brands' ability to achieve the
intended benefits of recent and pending acquisitions and
divestitures, including the recent spin-off of Conagra Brand's Lamb
Weston business and the continued evaluation of the role of Conagra
Brand's Wesson oil business; risks associated with general economic
and industry conditions; risks associated with Conagra Brands'
ability to successfully execute its long-term value creation
strategies, including those in place for specific brands at
Pinnacle Foods before the acquisition; risks related to Conagra
Brands' ability to deleverage on currently anticipated timelines,
and to continue to access capital on acceptable terms or at all;
risks related to Conagra Brands' ability to execute operating and
restructuring plans and achieve targeted operating efficiencies
from cost-saving initiatives, related to the acquisition and
otherwise, and to benefit from trade optimization programs, related
to the acquisition and otherwise; risks related to the
effectiveness of Conagra Brands' hedging activities and ability to
respond to volatility in commodities; risks related to the
company's competitive environment and related market conditions;
risks related to Conagra Brands' ability to respond to changing
consumer preferences and the success of its innovation and
marketing investments; risks related to the ultimate impact of any
product recalls and litigation, including litigation related to the
lead paint and pigment matters; risk associated with actions of
governments and regulatory bodies that affect Conagra Brands'
businesses, including the ultimate impact of recently enacted U.S.
tax legislation and related regulations or interpretations; risks
related to the availability and prices of raw materials, including
any negative effects caused by inflation or weather conditions;
risks and uncertainties associated with intangible assets,
including any future goodwill or intangible assets impairment
charges, related to the acquisition or otherwise; the costs,
disruption, and diversion of management's attention associated with
campaigns commenced by activist investors or due to the integration
of the acquisition; and other risks described in Conagra Brands'
and Pinnacle Foods' reports filed from time to time with the
Securities and Exchange Commission. Conagra Brands cautions readers
not to place undue reliance on any forward-looking statements
included in this document, which speak only as of the date of this
document. Conagra Brands undertakes no responsibility to update
these statements, except as required by law.
MEDIA: Dan Hare
312-549-5355
daniel.hare@conagra.com
INVESTORS: Brian Kearney
312-549-5002
ir@conagra.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/conagra-brands-completes-acquisition-of-pinnacle-foods-300738613.html
SOURCE Conagra Brands, Inc.