Lamb Weston Holdings announced yesterday an expansion of french fry processing capacity at its facility in American Falls, Idaho, and the declaration of its quarterly dividend.
“We continue to be confident about the long-term health and growth of the global french fry market,” said Tom Werner, President and CEO of Lamb Weston. “This investment in American Falls complements our recently-announced plans to construct a greenfield french fry processing facility in China, as well as capacity expansion in Russia by our European joint venture, Lamb-Weston/Meijer.”
Mr Werner said these investments will strengthen the company’s global manufacturing network, and provide it added flexibility to meet demand growth and serve our customers around the world.”
The Company said the planned construction of the new french fry processing line in Idaho is expected to have a capacity of producing more than 350 million pounds of frozen french fries and other potato products per year.
Construction of the new line is expected to be completed by mid-2023, and will add approximately 130 new jobs. The total investment is expected to be approximately $415 million, and will include additional modernization of the existing facility, which was built in 1961.
The Board of Directors also declared a quarterly dividend of $0.235 per share of Lamb Weston common stock.
Source: Lamb Weston Holdings Inc. Original release here
