EAGLE, Idaho--(BUSINESS WIRE)--
Lamb Weston Holdings, Inc. (NYSE: LW) announced today that it has
acquired Marvel Packers Pty Ltd (“Marvel”), a frozen potato processor in
Australia. Terms were not disclosed. Marvel operates frozen potato
processing and storage facilities in Hallam, Victoria.
“Our purchase of Marvel is part of our strategy to strengthen our global
capabilities and continue to drive growth both organically and through
acquisitions,” said Tom Werner, President and CEO. “Marvel not only
provides us with an opportunity to increase our position in Australia’s
1.1 billion pound market with in-country production, it also creates new
avenues to serve our customers.”
The Marvel facility adds approximately 50 million pounds of production
capacity to Lamb Weston’s existing global manufacturing network.
Including the newly-acquired Hallam facility, Lamb Weston will own and
operate 16 processing facilities worldwide, and an additional 9
facilities in conjunction with its joint venture partners.
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.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Words such as “strengthen,”
“continue,” “drive,” “grow,” “provides,” “increase,” “create,” 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181221005030/en/
Investors:
Dexter Congbalay
224-306-1535
[email protected]
Media:
Shelby Stoolman
208-424-5461
[email protected]
Source: Lamb Weston Holdings, Inc.
