Lamb Weston completes spinoff from Conagra Brands

US-based vegetable product supplier Lamb Weston has completed the previously announced spinoff from Conagra Brands, which was previously known as ConAgra Foods.

Conagra Brands distributed all outstanding shares of Lamb Weston common stock to Conagra Brands’ shareholders of record as of 1 November.

The distribution of stock was based on a distribution ratio of one share of Lamb Weston common stock for every three shares of Conagra Brands common stock.

Lamb Weston chief executive officer Tom Werner said: “Lamb Weston is well-positioned to continue to drive growth and capture share in the global frozen potato market.

“We’re better able to sharpen our focus on what we do best to create shareholder value over the long-term.”

Lamb Weston has begun the trading on the New York Stock Exchange (NYSE) under the ticker symbol ‘LW’.

Established in 1950, Lamb Weston has been supplying frozen potato products.

It has nearly 6,000 employees worldwide and its products can be sold in more than 100 countries.