ConAgra says it will split into two companies.
In a statement Wednesday, the company announced plans to spin off its frozen potatoes unit into a separate company called Lamb Weston.
It's consumer brands business will be renamed Conagra Brands. The transaction is expected to be completed in the fall of next year.
ConAgra Foods CEO Sean Connolly called it a "bold change."
"we carefully considered a variety of strategic alternatives, and believe that the separation of our Lamb Weston specialty potato business from our consumer brands business is the best way to drive shareholder value," he said in a prepared statement.
