Conagra Brands Completes Divesture of Its 51.8% Ownership Stake in Agro Tech Foods Limited

Rhea-AI Summary

Conagra Brands (NYSE: CAG) has completed the sale of its 51.8% ownership stake in Agro Tech Foods (ATFL), an India-based food company. This divestiture aligns with Conagra's strategy to reshape its portfolio and maximize shareholder value. As a result, Conagra will no longer consolidate ATFL's financial results in its statements.

Conagra Brands, a leading North American food company with a 100-year history, focuses on innovation and collaboration to meet changing consumer preferences. The company's portfolio includes popular brands such as Birds Eye, Duncan Hines, Healthy Choice, and Slim Jim. In fiscal 2024, Conagra reported net sales exceeding $12 billion.

Positive

• Completion of divestiture aligns with strategy to maximize shareholder value
• Net sales exceeded $12 billion in fiscal 2024
• Portfolio includes well-known brands like Birds Eye, Duncan Hines, and Slim Jim

Negative

• Loss of revenue stream from 51.8% ownership stake in ATFL
• Reduction in market presence in India

CHICAGO, Aug. 28, 2024 /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) announced that all conditions for the previously announced sale by one of its subsidiaries of its 51.8% ownership stake in Agro Tech Foods Limited (ATFL), a food company based in India, have been fulfilled and the transaction has been completed. This transaction is the latest step in Conagra's strategy to continuously reshape its portfolio to maximize shareholder value. Effective with the sale, Conagra Brands no longer consolidates the results of ATFL in its financial statements.

About Conagra Brands

Conagra Brands, Inc. (NYSE: CAG), is one of North America's leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company's portfolio is continuously evolving to satisfy consumers' ever-changing food preferences. Conagra's brands include Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, Slim Jim®, Angie's® BOOMCHICKAPOP®, and many more. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2024 net sales of more than $12 billion. For more information, visit www.conagrabrands.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be "forward-looking" statements within the meaning of the federal securities laws, which involve risks and uncertainties including, among others, those set forth in our most recent Annual Report on Form 10-K and subsequent reports filed with the United States Securities and Exchange Commission. Conagra Brands, Inc. undertakes no responsibility update any such statements, except as required by law.

For more information, please contact:
MEDIA: 
Dan Hare
312-549-5355
Daniel.hare@conagra.com

INVESTORS:
Melissa Napier
312-549-5738
IR@conagra.com

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SOURCE Conagra Brands, Inc.

FAQ

What stake did Conagra Brands (CAG) sell in Agro Tech Foods ?

Conagra Brands sold its 51.8% ownership stake in Agro Tech Foods (ATFL), an India-based food company.

How will the sale of ATFL affect Conagra Brands' (CAG) financial statements?

Following the sale, Conagra Brands will no longer consolidate the results of ATFL in its financial statements.

What was Conagra Brands' (CAG) net sales for fiscal 2024?

Conagra Brands reported net sales of more than $12 billion for fiscal 2024.

What is Conagra Brands' (CAG) strategy behind selling its stake in ATFL?

The sale is part of Conagra's strategy to continuously reshape its portfolio to maximize shareholder value.