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Actionable news in CAG: CONAGRA FOODS Inc,

ConAgra to Spin Off Frozen-Potato Business

ConAgra Foods Inc., CAG 1.63 % which has responded to mounting challenges in the food sector with aggressive restructuring this year, unveiled Wednesday plans to split into two independent public companies.

One of the companies is slated to house the consumer-brands business and will be renamed Conagra Brands Inc. while the second company will be named Lamb Weston and will spin off ConAgra’s frozen potato products.

The moves, which will be structured as a spinoff of the Lamb Weston business, are expected to be completed by the latter half of 2016, the company said in a press release. Once the transaction is done, shareholders of ConAgra will own stock in both new companies.

“The separation will enable each company to sharpen its strategic focus and provide flexibility to capitalize on the unique growth opportunities in its respective market,”...