Lamb Weston Holdings Inc. is buying Australia-based Ready Meals Pty Ltd., a processor of frozen potato products. Terms were not disclosed.
Ready Meals sells under the Harvest Choice brand. It operates frozen potato processing and storage facilities in Hallam, Victoria.
Eagle, Idaho-based Lamb Weston said the Ready Meals facility adds about 70 million pounds of production capacity to its global manufacturing network. When the transaction is completed, the company will own and operate 18 processing facilities worldwide plus eight with joint venture partners.
Lamb Weston President and CEO Tom Werner said in a June 21 release that the acquisition “is the continuation of our strategic work to strengthen and expand our global capabilities” and “complements our presence in Australia, providing us additional avenues to increase our position in Australia’s 1.1 billion-pound market.”
Lamb Weston at the end of last year acquired Australia-based processor Marvel, adding about 50 million pounds of capacity.
Stock in Lamb Weston closed at $63 June 26 compared to a one-year range between $56.83 and $83.86.