Lamb Weston Holdings, Inc. announced 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.
Tom Werner, Lamb Weston President and CEO:
“The Ready Meals acquisition is the continuation of our strategic work to strengthen and expand our global capabilities”
“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.