ConAgra Foods Lamb Weston, Ochoa Foods Announce New Joint Venture
August 06 2008 - 4:48PM
Business Wire
ConAgra Foods Lamb Weston, the largest potato company in North
America with annual sales exceeding $2 billion, and Ochoa Foods, a
privately owned potato processing company based in Boise, Idaho,
announced today that they have entered into a new joint venture.
The two companies will form a 50/50 joint venture to operate Ochoa
Foods� current potato processing plant in Warden, Wash. The name of
the new joint venture will be Lamb Weston / BSW, and its purpose
will be to develop, process and sell frozen potato products.
Financial terms of the joint venture were not disclosed. �This is
an exciting new opportunity for Lamb Weston, and a true �win-win�
for both Ochoa Foods and Lamb Weston,� said Jeff DeLapp, president,
ConAgra Foods Lamb Weston. �Combining Ochoa�s entrepreneurial
spirit and experience with Lamb Weston�s operating reach should
drive improved earnings potential for both companies.� �This new
partnership with Lamb Weston is a major milestone for Ochoa Foods,�
said Howard Bafford, chief operating officer, Ochoa Foods. �The
employees of Ochoa Foods have worked extremely hard to establish
the base of business we have today, and we look forward to
combining this effort with the resources of ConAgra Foods Lamb
Weston in this new joint venture.� The Warden processing plant
processes approximately 300,000 tons of potatoes each year and
services several major quick-service restaurants and other
foodservice accounts. The 140,000-sq. ft. facility is located on a
17-acre site in Washington�s Columbia Basin. ConAgra Foods Lamb
Weston is a brand of ConAgra Foods, Inc., (NYSE: CAG) one of North
America�s leading packaged food companies, serving consumer grocery
retailers, as well as restaurants and other foodservice
establishments. Popular ConAgra Foods consumer brands include:
Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew
National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM and
many others. For more information, please visit us at
www.conagrafoods.com. Note on Forward-looking Statements: This
release contains forward-looking statements. These statements are
based on management's current views and assumptions of future
events and financial performance and are subject to uncertainty and
changes in circumstances. The company undertakes no responsibility
to update these statements. Readers of this release should
understand that these statements are not guarantees of performance
or results. Many factors could affect the company's actual
financial results and cause them to vary materially from the
expectations contained in the forward-looking statements. These
factors include, among other things, future economic circumstances,
industry conditions, the company's ability to execute its operating
and restructuring plans, availability and prices of raw materials,
product pricing, competitive environment and related market
conditions, operating efficiencies, the ultimate impact of the
company's recalls, access to capital, actions of governments and
regulatory factors affecting the company's businesses and other
risks described in the company's reports filed with the Securities
and Exchange Commission. The company cautions readers not to place
undue reliance on any forward-looking statements included in this
release, which speak only as of the date made.
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