ConAgra Completes Acquisition of Ralcorp

— 01/30/2013

ConAgra Foods, Inc. announces the successful completion of its acquisition of Ralcorp Holdings, Inc. ConAgra Foods agreed to acquire Ralcorp on November 26, 2012, for $90.00 in cash per share of Ralcorp common stock. The closing of the transaction follows the approval of the acquisition by Ralcorp’s shareholders on January 29, and the receipt of all required regulatory approvals.
 
With 36,000 employees and sales of approximately $18 billion annually, the combined company is one of the largest packaged food companies in North America. The transaction also positions ConAgra Foods as the largest private brand packaged food business in North America, with approximately $4.5 billion in combined annual private brand sales.
 
Gary Rodkin, chief executive officer of ConAgra Foods, says, “We are excited to have closed the transaction and welcome our talented new team members from Ralcorp to the ConAgra Foods family. We are now in a position to begin the most substantial aspects of integration planning and look forward to learning from and working with our new colleagues. This important acquisition reinforces and accelerates our ‘Recipe for Growth’ strategy, which also includes growth in our core business and adjacencies, and expansion internationally.”
 
With the addition of Ralcorp’s leading position as a supplier of private brand packaged food in North America, ConAgra Foods has a well-balanced portfolio of consumer branded, private brand, commercial and foodservice offerings, with consumer brands continuing to be the largest part of the company’s portfolio. ConAgra Foods will apply its substantial scale and significant operational expertise to the compelling long-term growth opportunities in the private brand segment.
 
ConAgra Foods will continue to be headquartered in Omaha and led by Chief Executive Officer Gary Rodkin. Kevin Hunt, former CEO of Ralcorp, will be a consultant to ConAgra Foods for the next 12 months. Richard Koulouris, VP and President of the Ralcorp Food Group, and Charles Huber, VP and President of the Ralcorp Frozen Bakery business, will report directly to Gary Rodkin, effective immediately. ConAgra Foods has established an integration team, led by a Steering Committee of senior leaders from ConAgra Foods and Ralcorp, and staffed by a full support network of dedicated resources.

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