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Stock Market & Financial Investment News

News Breaks
June 18, 2014
08:04 EDTCAGConAgra sees Q4 comparable EPS below prior expectations
News For CAG From The Last 14 Days
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February 1, 2016
16:09 EDTCAGConAgra sees $1.6B tax asset from sale of private label operations to TreeHouse
ConAgra Foods announced the completion of the sale of its private label operations to TreeHouse Foods for proceeds of $2.7B in cash, excluding transaction-related expenses and subject to post-closing adjustments. A total of approximately 9,500 employees transitioned to TreeHouse Foods, including plant employees and those supporting the private label business located at the St. Louis, Mo., Downers Grove, Ill., and Omaha, Neb., office locations. Certain private label operations with a strong connection to ConAgra Foods' existing Consumer Foods business were not part of the sale, specifically canned pasta, cooking spray, peanut butter, pudding/gels, Gelit frozen pasta product offerings, as well as the HK Anderson and Kangaroo brand equities, trademarks and business portfolios. Results for these operations, which were not material, were moved to the Consumer Foods reporting segment in Q1. ConAgra Foods generated approximately $2.7B in cash proceeds from the sale, less transaction expenses, and intends to utilize the net proceeds primarily for debt reduction. The company expects the transaction to result in a tax asset of approximately $1.6B, which can be used to offset potential future capital gains over the next five years.

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