Robots to Have Big Impact in AG; ConAgra Foods Become Two Companies
A Bank of America Merrill Lynch Global Research report says robots are expected to transform agriculture. The report expects the agricultural robot market to grow to $16.3 billion by 2020 from $817 million in 2013. Specifically, unmanned aerial vehicles, or drones, will take up a large segment of that market. The agricultural drone market has the potential to generate an additional 100,000 jobs in the U.S. and $82 billion in economic activity between 2015 and 2025. The report indicates that robots in the next 10 years could become the main workhorses powering farms, instead of people.
ConAgra Foods announced plans to divide the company into two independent public companies. One company will contain its consumer portfolio of brands, and the other containing its foodservice portfolio of frozen potato products. The consumer brands business will be renamed Conagra Brands Inc. and the frozen potato business will operate under the Lamb Weston name.