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Thursday, October 1, 2015

ConAgra to cut 1,500 jobs, shift base to Chicago from Omaha, (NYSE: CAG)

ConAgra Foods Inc said it would cut about 1,500 jobs and move its headquarters to Chicago from Omaha as part of a plan to save at least $300 million in three years.The maker of Chef Boyardee pasta and Healthy Choice dinners is under pressure to cut costs and accelerate growth as consumers shift from packaged food to options they consider fresher, healthier alternatives. In July, the company added two directors to its board as part of an agreement with Jana Partners LLC after the activist hedge fund took a stake in the company. The job cuts mark the latest changes implemented by ConAgra Chief Executive Sean Connolly, who joined in April. The company also announced in June that it would divest its struggling private-label business."While we believe that we can create a lot of value with ConAgra Foods, that's only going to happen if we make bold change, and we're going to continue to push for change," Connolly said in an interview. He added that the move to Chicago allowed the company to consolidate its consumer foods business in one location.

ConAgra Foods, Inc. operates as a packaged food company. Shares of CAG fell by 0.1% or $-0.04/share to $40.47. In the past year, the shares have traded as low as $32.41 and as high as $45.49. On average, 3553130 shares of CAG exchange hands on a given day and today's volume is recorded at 1910702.