EAGLE, Idaho--(BUSINESS WIRE)--Lamb Weston Holdings, Inc. (NYSE: LW) announced today that it has entered into an agreement to acquire Ready Meals Pty Ltd (Ready Meals), a frozen potato processor in Australia. Terms were not disclosed. Ready Meals sells frozen potato products under the Harvest Choice brand and operates frozen potato processing and storage facilities in Hallam, Victoria.
“The Ready Meals acquisition is the continuation of our strategic work to strengthen and expand our global capabilities,” said Tom Werner, President and CEO. “The acquisition complements our presence in Australia, providing us additional avenues to increase our position in Australia’s 1.1 billion pound market.”
The Ready Meals facility adds approximately 70 million pounds of production capacity to Lamb Weston’s existing global manufacturing network. Upon completion of the transaction, Lamb Weston will own and operate 18 processing facilities worldwide, and an additional 8 facilities in conjunction with its joint venture partners. The closing of the transaction is subject to customary closing conditions and is expected to be completed as soon as practicable.
About Lamb Weston
Lamb Weston, along with its joint venture partners, is a leading supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers around the world. For more than 60 years, Lamb Weston has led the industry in innovation, introducing inventive products that simplify back-of-house management for our customers and make things more delicious for their customers. From the fields where Lamb Weston potatoes are grown to proactive customer partnerships, Lamb Weston always strives for more and never settles. Because, when we look at a potato, we see possibilities. Learn more about us at lambweston.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Words such as “strengthen,” “expand,” “provides,” “increase,” and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s anticipated benefits of the acquisition and the Company’s business outlook and prospects. These forward-looking statements are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Readers of this press release should understand that these statements are not guarantees of performance or results. Many factors could affect the Company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this press release. These risks and uncertainties include, among other things: the Company’s ability to successfully execute its long-term value creation strategies; risks associated with acquisitions, including the Company’s ability to complete acquisitions or integrate acquired businesses; its ability to execute on large capital projects, including construction of new production lines; the competitive environment and related conditions in the markets in which it and its joint ventures operate; political and economic conditions of the countries in which it and its joint ventures conduct business and other factors related to its international operations; disruption of its access to export mechanisms; its debt levels; the availability and prices of raw materials; changes in its relationships with its growers or significant customers; the success of its joint ventures; actions of governments and regulatory factors affecting its businesses or joint ventures; the ultimate outcome of litigation or any product recalls; levels of pension, labor and people-related expenses; its ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; and other risks described in the Company’s reports filed from time to time with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements included in this press release, which speak only as of the date of this press release. The Company undertakes no responsibility for updating these statements, except as required by law.