Lamb Weston has announced an expansion of french fry processing capacity in China. “The french fry category is poised for growth globally, and China continues to be a critical market for us,” said Tom Werner, President and CEO of Lamb Weston. “This investment of in-country production for the China market is a clear example of our commitment to our strategic customers and supporting their growth plans well into the future.”
The facility will be built in Inner Mongolia with capacity to produce more than 250 million pounds of frozen french fries and other potato products per year. It is expected to add approximately 280 full-time positions, and will add to the company’s existing in-country production from its facility in Shangdu, Inner Mongolia in China.
The new facility is expected to be completed in Lamb Weston’s first half of fiscal year 2024. The total investment for the new facility is expected to be approximately $250 million.
Lamb Weston further announced that its Board of Directors declared a quarterly dividend of $0.235 per share of Lamb Weston common stock. The dividend is payable on June 4, 2021 to stockholders of record as of the close of business on May 7, 2021.
Source: Lamb Weston