ConAgra: Insurance will cover losses

Thu. June 25, 2009; Posted: 12:49 PM

Jun 25, 2009 (The News & Observer - McClatchy-Tribune Information Services via COMTEX) -- CAG | Quote | Chart | News | PowerRating -- ConAgra Foods officials said this morning the company has extensive insurance policies to cover financial losses caused by this month's explosion at its facility in Garner that made Slim Jim snack products.

The June 9 accident killed three people and shut down the packaging area of the plant. The explosion is believed to be caused by a natural gas eruption during the installation of water heating system. It is under investigation by the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives.

CEO Gary Rodkin and other company officials, speaking on a conference call to report fourth quarter earnings, said the property damage and related costs will be covered by property and liability insurance. In addition, business interruption insurance will substantially compensate the company for lost profits resulting from lost Slim Jim sales. Officials did not provide financial details.

This morning's comments echoed information the company issued this week in public filings. ConAgra is shifting some Slim Jim production to other facilities and outside producers. The Garner explosion and lowered Slim Jim output will not affect the company's financial health.

Omaha, Neb.-based ConAgra is the maker of Chef Boyardee, Hunt's tomato sauce, Healthy Choice, Hebrew National, Marie Callender, Peter Pan and other brands.

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For full details on Conagra Foods (CAG) click here. Conagra Foods (CAG) has Short Term PowerRatings of 6. Details on Conagra Foods (CAG) Short Term PowerRatings is available at This Link.

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