ConAgra Foods, Inc. has announced in a press release that it will be splitting the company into two independent public companies. The split will allow the two businesses to be more focused and operate on their respective markets and capitalize on their long-term growth opportunities. ConAgra said in the press release that one brand, which will be named ConAgra Brands, Inc., will comprise of the company's robust consumer portfolio of diverse and leading brands. The other brand, which will operate under the Lamb Weston name, will comprise of the company's leading foodservice portfolio of innovative frozen potato products. Sean Connolly, the president and CEO of ConAgra, said in the press release that their decision to split into two companies reflect ConAgra's "commitment to implementing bold changes in order to deliver sustainable growth and enhanced shareholder value."