US-based packaged food company ConAgra Foods has acquired Chinese potato processor TaiMei Potato Industry for $93m as part of the company’s strategy to expand its international presence.
The acquisition expands ConAgra's Lamb Weston operations in a market where there is a 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.
Lamb Weston president Greg Schlafer said, "We've been doing business in China and throughout Asia for more than 25 years, leading the way in market development and expansion. TaiMei is ConAgra Foods' first potato processing facility in China, and we are confident they'll help to accelerate our strong growth in Asia."
Upon close of the transaction, around 340 employees of TaiMei have joined ConAgra Foods Lamb Weston.
ConAgra Foods CEO Gary Rodkin said, "Our focused expansion in China is truly customer-centric. We're leveraging our deep industry experience to develop in-country supply capabilities for our major quick-service restaurant chains and other strategic customers. Our customers have aggressive growth plans in China, and by adding ConAgra Foods' operations in China, we will be better able to support their plans."
