Business

Lamb Weston on track to spin off from ConAgra Foods

Lamb Weston Technical Center at the ConAgra Food’s Richland campus.
Lamb Weston Technical Center at the ConAgra Food’s Richland campus. Tri-City Herald

Lamb Weston will make its first appearance as an independent company at an investor briefing in New York City in October.

The french fry giant with corporate offices in Kennewick and Boise is spinning off from its Chicago-based parent, ConAgra Foods Inc. (NYSE: CAG).

ConAgra announced this month that it intends to complete the separation this fall as scheduled.

It also disclosed that leadership teams from ConAgra and Lamb Weston will present their business strategies and long-term financial objectives as if they were independent companies during separate events for investors, marking Lamb Weston’s first public appearance as an independent company.

Lamb Weston’s investor day is Oct. 13. Tom Werner, who will be the company’s president and CEO, will lead the presentation.

ConAgra will hold its investor day Oct. 18 at Chicago’s Merchandise Mart.

ConAgra provided a detailed look at what the stand-alone Lamb Weston will look like in July when it filed a registration statement for the spinoff with the U.S. Securities and Exchange Commission.

In addition, its local corporate presence, Lamb Weston, has manufacturing plants throughout the Mid-Columbia.

It generated almost $3 billion in sales in 2015, and is expected to trade on the New York Stock Exchange under the symbol “LW.”

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