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News For CAG From The Last 14 Days
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October 4, 2015
18:51 EDTCAGConAgra CEO targeting supply chain efficiency, WSJ says
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October 2, 2015
08:01 EDTCAGCiti likes TreeHouse with or without ConAgra unit deal
Citi analyst David Driscoll believes TreeHouse (THS) is a "compelling" investment with or without the acquisition of ConAgra's (CAG) $4B Private Brands unit. Investors are waiting to see if TreeHouse will acquire the unit, the analyst tells investors in a research note. Driscoll sees TreeHouse as the most logical buyer but sees "strong" organic growth for the company regardless. He keeps a Buy rating on TreeHouse with an $86 price target.
October 1, 2015
19:24 EDTCAGVornado leases 168,000 sq ft at theMART in Chicago to ConAgra
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08:00 EDTCAGConAgra says restructuring to result in elimination of approx. 1,500 jobs
07:34 EDTCAGConAgra relocates headquarters to Chicago
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07:34 EDTCAGConAgra announces $300M efficiency plan
ConAgra announced restructuring plans to improve profitability, advance its growth agenda and unlock shareholder value. ConAgra Foods expects to realize at least $300M of efficiency benefits within the next three years through a combination of reductions in SG&A and enhancements to trade spend processes and tools. Cost savings of approximately $200M are expected to be derived from a combination of lower headcount and non-headcount costs which will be achieved by aggressively embracing zero-based budgeting, simplifying organizational structure by increasing spans of control and reducing layers, and outsourcing technology and back office functions to improve scalability. Additionally, the company expects to realize approximately $100M of efficiency benefits from enhancements to trade spend processes and tools. The company expects the plan to provide a modest benefit to fiscal year 2016 earnings. More than half the savings are anticipated to be realized by the end of fiscal year 2017 with the balance achieved in fiscal year 2018. These savings are in addition to the approximately $150M in cost reductions achieved by the company over the past two years and are expected to enhance the company's cost-competitiveness, margins and agility, while also providing fuel for future brand-building and innovation initiatives. The restructuring is expected to result in the elimination of approximately 1,500 positions or approximately 30% of the company's global office-based workforce, and excludes any impact from the planned divestiture of the private label operations. Plant positions will not be eliminated in connection with this restructuring. ConAgra Foods estimates it will incur total non-recurring charges of approximately $345 million, substantially all of which are expected to be cash charges, over the next two to three years in connection with the restructuring.
September 29, 2015
12:26 EDTCAGConAgra names David Biegger as Chief Supply Chain Officer
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