posted by admin on 26/04/06
CONAGRA FOODS ANNOUNCES STRATEGY FOR STRENGTHENING LONG TERM OPERATING PERFORMANCE; STREAMLINED PORTFOLIO, INCREASED MARKETING ON KEY BRANDS, AGGRESSIVE COST PROGRAMS AND LOWER DIVIDEND SHAPE NEW FINANCIAL PROFILE
Rebased Fiscal 2007 Earnings Estimated at $1.10-$1.15
OMAHA, Neb., Mar 16, 2006 (BUSINESS WIRE) -- ConAgra
Foods Inc. (NYSE: CAG), one of North America's leading packaged food companies, announced actions designed to improve long-term operating performance. The company expects increased annual marketing spending of more than $75 million, in combination with the reallocation and disciplined application of current marketing dollars, to result in major increases for key consumer brands. The company also expects strong contribution to its future earnings from the impact of plant rationalization, supply chain improvements, the application of divestiture proceeds and reductions in the company's administrative costs, including significant costs currently absorbed by businesses to be divested.