Tuesday, July 15, 2014

ConAgra Foods (CAG) Acquires China's TaiMei Potato in $93M Deal

ConAgra Foods, Inc., (NYSE: CAG) has acquired TaiMei Potato Industry Limited, a potato processor in Shangdu, Inner Mongolia. This acquisition expands ConAgra Foods’ Lamb Weston® operations in a market that has growing demand for frozen potato products. Lamb Weston makes a variety of frozen potato, sweet potato and other vegetable products for restaurants, retailers and foodservice operators in more than 100 countries around the world. The purchase price of $93 million will not impact the company's previously discussed debt reduction plans in fiscal 2015 and will further its growth internationally.

“We’ve been doing business in China and throughout Asia for more than 25 years, leading the way in market development and expansion,” said Greg Schlafer, president Lamb Weston. “TaiMei is ConAgra Foods’ first potato processing facility in China, and we are confident they’ll help to accelerate our strong growth in Asia.”

TaiMei’s approximately 340 employees joined ConAgra Foods Lamb Weston upon close of the transaction.

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