This acquisition reflects ConAgra Foods’ commitment to continue growing its core businesses and expanding into strategic adjacencies. The company’s strong position in the freezer case with brands such as Marie Callender’s®, Banquet®, Healthy Choice® and Kid Cuisine®, will be enhanced by the addition of the Bertolli and P.F. Chang’s brand names and the Italian and Asian food they bring to the portfolio.
“Bertolli and P.F. Chang’s multi-serve frozen meals are excellent additions to our portfolio. We’ll use our extensive frozen food and innovation capabilities to grow these great brands even further,” said
When complete, this acquisition will support ConAgra Foods’ growth strategy, which includes growing its core businesses and expanding into adjacent categories, building its private label business and continuing to develop its international presence. This will be the fifth acquisition in the last 12 months for
The Bertolli and P.F. Chang’s frozen meals are currently produced in a Unilever facility that is not included in the sale. As part of the acquisition, key manufacturing equipment will be relocated to an existing
The acquisition, which is expected to close within the next 30-60 days subject to customary closing conditions, does not alter
* The Reconciliation for Regulation G purposes is included at the end of this release.
About
Note on Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circ*mstances. We undertake no responsibility for updating these statements. Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this release. These factors include, among other things: availability and prices of raw materials, including any negative effects caused by inflation; the effectiveness of our product pricing, including any pricing actions and promotional changes; future economic circ*mstances; industry conditions; our ability to execute our operating and restructuring plans; the success of our innovation, marketing, and cost- saving initiatives; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of any product recalls; our success in efficiently and effectively integrating acquisitions; access to capital; actions of governments and regulatory factors affecting our businesses, including the Patient Protection and Affordable Care Act; the amount and timing of repurchases of our common stock, if any; and other risks described in our reports filed with the
Regulation G Disclosure
Below is a reconciliation of FY12 diluted earnings per share from continuing operations, adjusted for items impacting comparability. Amounts may be impacted by rounding.
FY12 Diluted EPS from Continuing Operations | ||||||||
Total FY12 | ||||||||
Diluted EPS from continuing operations | $ | 1.12 | ||||||
Items impacting comparability: | ||||||||
Expense related to adoption of new methodology for pension accounting | 0.60 | |||||||
Expense related to unallocated mark-to-market impact of derivatives | 0.14 | |||||||
Expense related to restructuring charges | 0.09 | |||||||
Net expense related to historical legal and insurance matters | 0.03 | |||||||
Expense related to transaction costs of acquisitions | 0.01 | |||||||
Benefit related to acquisition of majority interest in Agro Tech Foods, Ltd. | (0.14 | ) | ||||||
Rounding | (0.01 | ) | ||||||
Diluted EPS adjusted for items impacting comparability | $ | 1.84 |
Source:
ConAgra Foods, Inc.
Media:
Dan Hare, 402-240-5274
Director, Communication & External Relations
Daniel.Hare@ConAgraFoods.com
or
Investors:
Chris Klinefelter, 402-240-4154
Vice President, Investor Relations
Chris.Klinefelter@ConAgraFoods.com