Lamb Weston Holdings Inc. recently acquired Australia-based Marvel Packers Pty Ltd., which operates potato processing and storage facilities in Hallam, Victoria.
The acquisition enables Eagle, Idaho-based Lamb Weston to boost global production capacity, increase its presence in the sizable Australian market by adding in-country production, and create new opportunities to serve customers, President and CEO Tom Werner said in a news release. Transaction details were not disclosed.
Lamb Weston is a major supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers worldwide. The company now owns and operates 16 processing facilities worldwide and has nine others with joint-venture partners.
Zacks Equity Research reported that Lamb Weston expects to offset current challenges — such as a poor potato crop at European joint venture Lamb Weston/Meijer — with solid pricing, cost-saving initiatives, and opportunities in its North American and export ventures. The company continues to invest in innovation, and in enhancing capacity and customer service.
Lamb Weston stock closed at $73.56 Dec. 31, down 5 cents, compared to a one-year range from $52.92 to $83.86. The company plans to report fiscal second-quarter financial results Jan. 4. It recently announced it would raise its stock’s quarterly dividend and start a share-repurchase program.