The company announced the sale of most of its private-label operations to TreeHouse Foods Inc. for about $2.7 billion. It also plans to cut 1,500 jobs, about 30 percent of its office-based workforce, as it moves its headquarters from Omaha, Nebraska, to Chicago by next summer. ConAgra has also felt pressure to make changes from activist investor Jana Partners, which disclosed a 7.2 percent stake in the food company in June and gained two seats on ConAgra's board in June. Citi analyst David Driscoll questioned how much will be gained by separating Lamb Weston from ConAgra's branded foods because the Lamb Weston unit has long operated independently within the company. Driscoll said he expected Lamb Weston to be sold, not spun off, to take advantage of the roughly $2.5 billion in capital tax losses ConAgra will record on the private brands sale. That suggests ConAgra may be thinking of selling some of other brands, he said.