ConAgra Foods Inc. (NYSE: CAG) will spin off its Lamb Weston food-service business, marking another major move in Chief Executive Officer Sean Connolly’s plan to transform the maker of Chef Boyardee canned meals and Orville Redenbacher’s popcorn.
The pace of companies spinning off businesses has been picking up recently. There have been a few other deals in the middle-market food space. Kellogg Co. (NYSE: K) is picking up Mass Food Group; Post Holdings Inc. (NYSE: POST) is adding Williamette Egg Farms.; and Snyder's-Lance Inc. (Nasdaq: LNCE) is buying Diamond Foods Inc.