ConAgra Foods Acquires Chinese Potato Processor TaiMei Potato Industry Limited
July 14 2014 - 6:30AM
Business Wire
As part of its ongoing business strategy to grow the company’s
international presence, ConAgra Foods, Inc., (NYSE:CAG) announced
that it has acquired TaiMei Potato Industry Limited, a potato
processor in Shangdu, Inner Mongolia. This acquisition expands
ConAgra Foods’ Lamb Weston® operations in a market that has growing
demand for frozen potato products. Lamb Weston makes a variety of
frozen potato, sweet potato and other vegetable products for
restaurants, retailers and foodservice operators in more than 100
countries around the world. The purchase price of $93 million will
not impact the company's previously discussed debt reduction plans
in fiscal 2015 and will further its growth internationally.
“We’ve been doing business in China and throughout Asia for more
than 25 years, leading the way in market development and
expansion,” said Greg Schlafer, president Lamb Weston. “TaiMei is
ConAgra Foods’ first potato processing facility in China, and we
are confident they’ll help to accelerate our strong growth in
Asia.”
Established in 2010, TaiMei is located in one of the largest
potato growing regions in China. The facility provides Lamb Weston
the ability to make frozen potato products closer to its expanding
customer base and meet the growing demand for frozen potato
products in Asia. TaiMei’s approximately 340 employees joined
ConAgra Foods Lamb Weston upon close of the transaction.
“Our focused expansion in China is truly customer-centric. We’re
leveraging our deep industry experience to develop in-country
supply capabilities for our major quick-service restaurant chains
and other strategic customers,” said Gary Rodkin, chief executive
officer, ConAgra Foods. “Our customers have aggressive growth plans
in China, and by adding ConAgra Foods’ operations in China, we will
be better able to support their plans.”
The acquisition is part of ConAgra Foods’ strategy to grow its
international business, and it will not impact the company’s
long-term capital allocation plans.
ABOUT CONAGRA FOODS
ConAgra Foods, Inc. (NYSE: CAG) is one of North America's
largest packaged food companies with branded and private branded
food found in 99 percent of America’s households, as well as a
strong commercial foods business serving restaurants and
foodservice operations globally. Consumers can find recognized
brands such as Banquet®, Chef Boyardee®, Egg Beaters®, Healthy
Choice®, Hebrew National®, Hunt's®, Marie Callender's®, Orville
Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack
Pack® and many other ConAgra Foods brands, along with food sold by
ConAgra Foods under private brand labels, in grocery, convenience,
mass merchandise, club and drug stores. Additionally, ConAgra Foods
supplies frozen potato and sweet potato products as well as other
vegetable, spice, and bakery products to commercial and foodservice
customers. ConAgra Foods operates ReadySetEat.com, an
interactive recipe website that provides consumers with easy dinner
recipes and more. For more information, please visit us at
www.conagrafoods.com.
ABOUT LAMB WESTON
Lamb Weston, a foodservice brand of ConAgra Foods, is a leading
supplier of frozen potato, sweet potato, appetizer and other
vegetable products, serving both the foodservice and retail
industries across the globe. For more information, please visit us
at www.lambweston.com or the Chinese site,
www.lambweston.com.cn/.
ConAgra FoodsLanie Friedman,
630-857-1086Lanie.friedman@conagrafoods.com
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