🠈 ConAgra 🠊
ConAgra Brands is a conglomerate that owns food distribution services, production facilities and popular store brands. The company had $7.8 billion in revenue in 2017. Their headquarters are in Chicago. The company trades on the NYSE with the symbol CAG.
This page shows select transactions in the company's merger chain.
- 1919: Frank Little and Alva Kinney created Nebraska Consolidated Mills NCM in Grand Island, Nebraska.
- 1922: They relocated their headquarters to Omaha.
- 1942: NCM opened its livestock feed business.
- 1951: Company signed agreement with Duncan Hines, a food reviewer who started a bakery, to make pre-packaged cake mixes.
- 1956: NCM sold it Duncan Hines division to Proctor & Gamble.
- 1971: NCM changed its name to ConAgra.
- 1980: ConAgra acquired Banquet Foods. They bought dozens of small brands in the 1980s.
History of Banquet Foods
Banquet Foods created frozen dinners and other quick serve foods.
- 1953: Banquet started creating frozen meat pies.
- 1970: The conglomerate RCA acquired Banquet.
- 1983: Conagra acquired Amour Food Company from Greyhound Bus for $166 million.
History of Armour
Armour is a huge brand of meat products. Conagra acquired meat processing plants which it sold to Smithfield.
- 1852: John Plankington created the Plankington Packing Company.
- 1863 Philip D. Armour and John Plankinton established the Plankinton, Armour and Company. in Milwaukee. They expanded to Kansas City, Chicago and NYC.
- 1884: The partnership dissolved and Plankington kept the Milwaukee operation which became the Cudahy Packing Company.
- Dale Carnegie was the firm's best sale's person as he knew "How to Win Friends and Influence People".
- 192?: Frederick H. Prince acquired controlling interest in the firm.
- 1948: The company made soap as a by-product. They rebranded formula AT-7 as Dial Soap.
- 1966: company began creating deodorant products and shaving creams under the Dial brand name.
- 1967: company incorporated its consumer products business as Armour-Dial, Inc.
- 1970: Greyhound Bus Company acquired Armour after General Host attempted a hostile takeover.
- 1983: Greyhound stripped of Dial and Armour Star Foods before selling to Conagra.
- 1987: Conagra acquired Monfort
History of Monfort
- 1930: Warren H. Monfort started a feedlot north of Greeley, Colorado
- 1960: With a herd of 100,000 cows, Monfort bought a slaughterhouse in Greeley from Capitol Pack, Inc..
- 1984: Monfort purchased 21 Armour meat-processing facilities.
- Labor problems in the 1980s forced the Monforts to sell to Conagra.
- 1989: Conagra acquired Swift
History of Swift and Company
- 1855: Gustavus Franklin (G.F.) Swift, age 16, begins his own meat-market business in Cape Cod with a $20 investment.
- 1875: Swift incorporates his business.
- 1900: Company opens shops in London, England.
- 1920: Company introduces a peanut butter brand called "E. K. Pond."
- 1920: Company gross sales exceed $1.1 billion
- Swift rebranded their peanut butter "Peter Pan" after a character in a novel by J. M. Barrie.
- 1982: Company is renamed Swift Independent Packing Company SIPCO
- 1989: ConAgra acquired Swift and merged it with Monfort Inc. to create Monfort Pork Division in Greeley, Colorado.
- 1994: Conagra renamed division Swift & Company.
- 2002: spun off its meat packaging division as Swift & Company.
- 2016: Swift was acquired by Brazilian firm JB SA. for $225 million and assumption of $1.2b in debt.
- 1990: ConAgra acquired Hunt-Wesson Foods
History of Hunt-Wesson Foods
Hunt-Wesson Foods is a food brand offering ketchup, canned tomatoes and cooking oil.
- 1888: Joseph and William Hunt created Hunt Bros. Fruit Packing Co. in Sebastopol, California.
- 1943: Norton Winfred Simon sold Val Vita Food Products for controlling interest in Hunts (a reverse acquisition).
- 1960: Hunts merged with Wesson Oil & Snowdrift Company.
History of Wesson Oil
Wesson Oil is a popular brand of cooking oil.
- 1899: David Wesson developed a method to deodorize cottonseed oil. His marketed the brand Snowdrift at the Southern Oil Company.
- 192?: Southern spun off Wesson Oil & Snowdrift Company.
- 2009: Wesson switched to a mix of canola oil, corn oil, soybean oil or sunflower oil.
- 2018: The FTC nixed a plan to sell Wesson to Smuckers as it would give Smuckers 70% of cooking oil market.
- 1968: Hunt's introduced Hunt's Snack Pack pudding cups.
- 1969: Hunt's introduced the Manwich brand.
- 1990: Conagra acquired Beatrice Foods from KKR in a $1.3 billion transaction.
History of Beatrice Foods
Beatrice Foods is a food conglomerate with several hundred brands.
- 1894: George Everett Haskell and William W. Bosworth leased a warehouse from a bankrupt firm in Beatrice, Nebraska. They produced and sold butter.
- 1913: Beatrice moved to Chicago.
- 1939: Beatrice Creamery Company acquired Blue Valley Creamery Company.
- 1946: Beatrice rebranded as Beatrice Foods Co.
- 1960: Beatrice acquired Hoffman and Company from Holloway.
- 1926: Company tried making round milk chocolates. They came out duds. but they sold their Milk Duds anyway.
- 1928: Holloway acquired Hoffman.
- 1968: Beatrice acquired Sexton Foods.
History of Sexton Quality Foods
Sexton Foods was a food distribution service that became US Food Services
- 1883: John Sexton, age 25, invested $400 and formed a corporation with George A. Hitchcock to create Hitchcock & Sexton Company in Chicago.
- 1897: Sexton began publishing a mail order catalog called Sexton Quality Foods.
- 1898: company incorporated as John Sexton & Co. engaging in wholesale foods.
- 1921: Sexton had established distribution warehouses in San Francisco, Dallas and Omaha.
- 1924: Sexton acquired The Commercial Truck Company of America which was based in Philadelphia and had 26 electric trucks.
- 1941: Sexton expanded to Dallas by leasing the building that later gained infamy as the Texas Book Repository.
- 1943: Sexton acquired the J.C. Stewart Company which provided wholesale foods.
- 1953: Sexton acquired a food production company called Columbia Conserve Company located in Indianapolis.
- 1960: The company held an IPO on the NASDAQ as John Sexton & Co.
- 1961: Sexton had over 1,400 employees and $49.5 million in sales. They had 50,000 customers which included restaurants, schools, hospitals, clubs, etc.
- 1961: John Sexton & Co. conducted a secondary offering of 70,000 share of stock at $23.50.
- 1964: Sexton acquired National Brands Inc. which was a wholesaler based in Miami, Fl.
- 1968: Beatrice acquired Sexton but operated its as an independent division until 1983.
- 1984: Annual sales in were about $12 billion.
- 1984, Beatrice acquired Esmark for $2.6 billion making Beatrice the largest food producer
I need to expand this section. The purchase included Max Factor and Avis. (Note, Wikipedia deleted the Esmark Page.
- 1985: Beatrice sold its chemical division to Imperial Chemical Industries.
- 1986: Beatrice sold its dairy group that included Meadow Gold to Borden.
- Kohlberg Kravis Roberts acquired Beatrice for $8.7 billion which was the largest leveraged buyout to date.
- 1993: Conagra spent $480M to buy brands from Nabisco.
- 2001: Conagra restated earnings in a financial scandal.
- 2002: ConAgra sold its fresh meat operations as Swift & Company to Hicks, Muse, Tate & Furst Inc.
- 2006: ConAgra Foods sold its refrigerated meats business (Butterball, Eckrich, Armour) to Smithfield Foods.
- 2006: Conagra sold its malt holdings to Castle Harlan which created United Malt Holdings.
- 2012: Conagra acquired Ralcorp, which is a collection of brands spun off Ralston Purina in 1994.
- 2014: Conagra acquired TaiMei Potato Industry Limited based in Shangdu, Inner Mongolia.
- 2015: Conagra moved its headquarters to Chicago.
- 2016: Conagra spun off Lamb Weston (NYSE: LW).
- 2017: Conagra acquired Angie's Artisan Treats.
- 2018: Conagra Brands acquired Pinnacle Foods for $8.1 billion.
- Washington Post - ConAgra acquires Beatrice (Drawn 9/22/2018)
- Chicago Tribune - Borden Buys Beatrice's Diary Group (Drawn 9/22/2018)
- Wikipedia - Sexton Foods (Drawn 9/22/2018)
- Washington Post - Esmark Accepts sweetened Beatrice Deal (Drawn 9/22/2018)
- Funding Universe - Swift & Company (Drawn 9/23/2018)
- Funding Universe - Monfort (Drawn 9/23/2018)
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