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News Breaks
June 26, 2014
09:50 EDTCAGConAgra sees Consumer Foods' volumes getting sequentially better in FY15
says FY14 "not what we wanted." Says has started making changes to Healthy Choice, Chef Boyardee, Orville Redenbacher to improve performance, sees better overall performance on top and bottom line from this trio in FY15. Says has discontinued a number of Healthy Choice slow-moving SKUs, sees better volume performance for brand in Q2. Says eliminating easy open lid on Chef Boyardee cans "was a mistake." Expects profit to improve in Private Brands in FY15. Sees margins improving beginning in 2H. Says has begun closure of three plants as part of network optimization plan. Says profit performance for Private Brands will not be as strong as originally expected for the next several years. Sees upside coming from international foods business. Says has "rewired" organization to get sharper and faster in execution. Says should generate $300M by FY17 from the Ralcorp transaction. Regarding Ralcorp, says "We knew there would be work to do," but says "underestimated the degree of difficulty and the amount of time it would take." Says committed to saving $100M in SG&A costs by end of FY16, projects to be ahead of schedule in FY15. Comments made on the Q4 earnings conference call.
News For CAG From The Last 14 Days
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May 20, 2015
12:01 EDTCAGConAgra announces resolution related to 2007 voluntary peanut butter recall
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May 12, 2015
16:32 EDTCAGConAgra acquires Blake’s All Natural Foods, terms not disclosed
ConAgra Foods announced that it has acquired Blake’s All Natural Foods, a rapidly-growing, family-owned company which makes natural and organic frozen meals, including pot pies, casseroles, pasta dishes and other entrees. Blake’s All Natural Foods has approximately 60 employees based in Concord, N.H. Licata will continue to lead the Blake’s business from its headquarters in Concord. Terms of this all-cash deal were not disclosed. This transaction has no impact to ConAgra Foods’ previously communicated debt reduction commitments for fiscal 2015.

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