There are compelling advantages to combining these operations. It allows us to leverage the strengths of each business, while simplifying our structure.

The changes improve accountability and reduce complexity in our management structure. Aligning our managers directly with our key priorities will result in better execution and effectiveness.

While overall brand results are mixed, I am encouraged by the durability and potential of some of our major brands, given our inconsistent and relatively low marketing investments.

Although the underlying operating performance in the third quarter met our overall expectations, our fundamentals still need to be much stronger. As we discussed last week with the investment community, we expect to make meaningful progress going forward by simplifying our portfolio, aggressively attacking costs, and increasing investments behind key brands.

As we sell these assets, we will scale back our related corporate and shared services infrastructure to ensure that it is the right size for our businesses going forward. We expect a number of people directly involved in these operations to be employed by the new owners or offered other jobs within ConAgra Foods.

ConAgra Foods has a number of great brands and businesses to drive future growth. We will build on those strengths by coupling disciplined investments in well-positioned brands with a more streamlined operating structure.