Company Announcements

Divestiture Supports Conagra's Efforts to Reshape its Portfolio

CHICAGO , June 6, 2025 /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) announced that it has entered into a definitive agreement with High Liner Foods to sell its Van de Kamp's® and Mrs. Paul's® frozen seafood brands for $55 million in cash. The transaction includes all associated intellectual property and inventory. The transaction does not include employees or manufacturing facilities. The Van de Kamp's and Mrs. Paul's products that are part of the transaction contributed approximately $75 million to Conagra's fiscal year 2024 net sales. The profit from the divested brands is expected to have a ($0.01) impact to fiscal year 2026 adjusted earnings per share. The transaction is expected to close by the end of July 2025 and proceeds from the transaction will be used to reduce debt.

"This divestiture reflects our continued commitment to reshaping our portfolio and investing where we see the best opportunities for growth and innovation," said Sean Connolly, president and chief executive officer of Conagra Brands. "Van de Kamp's and Mrs. Paul's operate largely as a stand-alone seafood business, and this divestiture allows us to further focus our efforts on strengthening our core frozen offerings."

Van de Kamp's and Mrs. Paul's are leading brands in the U.S. frozen breaded and battered seafood category, offering a variety of formats for snacks and meals, including crispy battered fillets, breaded fish for sandwiches and tacos, and classic fish sticks.

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
This press release contains forward-looking statements within the meaning of the federal securities laws that provide our current expectations and beliefs concerning future events including the timing and impact of the proposed transaction and are subject to risks, uncertainties, and factors relating to the transaction and our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include, among other things, risks related to the timing and ability to satisfy the closing conditions for the proposed transaction, the occurrence of any event, change or other circumstance that could delay the closing of the proposed transaction and other risks related to our business and operations such as: general economic and industry conditions, including inflation, reduced consumer confidence and spending, recessions, increased energy costs, supply chain challenges, increased tariffs and taxes, labor cost increases or shortages, currency rate fluctuations, and geopolitical conflicts; our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; the company's competitive environment, cost structure, and related market conditions; our ability to execute operating and value creation plans and achieve returns on our investments and targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; the availability and prices of commodities and other supply chain resources, including raw materials, packaging, energy, and transportation, weather conditions, health pandemics or outbreaks of disease, actual or threatened hostilities or war, or other geopolitical uncertainty; our ability to respond to changing consumer preferences and the success of our innovation and marketing investments; actions by our customers, including changes in distribution and purchasing terms; our hedging activities and ability to respond to volatility in commodities; disruptions or inefficiencies in our supply chain and/or operations; the impact of any product recalls and product liability or labeling litigation;  our co-manufacturing arrangements and other third-party service provider dependencies; actions of governments and regulatory bodies that affect our businesses; a material failure in or breach of our or our vendors' information technology systems and other cybersecurity incidents; pension, labor or people-related expenses; any future goodwill or intangible assets impairment charges; our ability to protect our intellectual property rights; and other risks described in our reports filed from time to time with the Securities and Exchange Commission. We undertake no responsibility to update these statements, except as required by law.

For more information, please contact:

MEDIA:
Media@conagra.com

INVESTORS:
Matthew Neisius
IR@conagra.com

 

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SOURCE Conagra Brands, Inc.