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News Breaks | | | | March 5, 2013 | | 09:03 EDT |  | CAG, CHSCP | ConAgra, CHS, Cargill to form JV combining flour milling businesses
ConAgra Foods (CAG), Cargill and CHS (CHSCP) announced a definitive agreement to combine their North American flour milling businesses to form Ardent Mills, a new flour milling company that will serve customers in the baking and food industries. Ardent Mills will operate as an independent joint venture of its three parent companies, Omaha, Neb.-based ConAgra Foods, Minneapolis, Minn.-based Cargill and St. Paul, Minn.-based CHS. Dan Dye, who currently serves as president of Horizon Milling, will lead Ardent Mills as CEO once the new company is formed. Dye will be joined by Bill Stoufer, current president of ConAgra Mills, as Ardent Mills’ COO and chief integration officer. The company’s operations and services will be supported by 44 flour mills, three bakery mix facilities and a specialty bakery, all located in the U.S., Canada and Puerto Rico. The location of its headquarters will be determined at a later date. ConAgra Foods and Cargill will each own a 44% stake in Ardent Mills, with CHS owning a 12% interest. All three companies will have representatives on Ardent Mills’ board of directors. ConAgra Foods, Cargill and CHS will contribute their respective milling operations to Ardent Mills on a cash-free, debt-free basis in exchange for the agreed ownership interests. The owners intend for Ardent Mills to be self-financed through cash flow from operations and its own bank debt and credit facility. | |
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| May 21, 2013 | | 17:02 EDT | | CAG | ConAgra says unable to estimate Ralcorp integration costs
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