Lamb Weston Holdings Announces $415 Million Capital Investment in New French Fry Processing Line in American Falls, Idaho; Declares Quarterly Dividend
July 22 2021 - 4:30PM
Business Wire
Lamb Weston Holdings, Inc. (NYSE: LW) announced today an
expansion of french fry processing capacity at its facility in
American Falls, Idaho, and the declaration of its quarterly
dividend.
“We continue to be confident about the long-term health and
growth of the global french fry market,” said Tom Werner, President
and CEO of Lamb Weston. “This investment in American Falls
complements our recently-announced plans to construct a greenfield
french fry processing facility in China, as well as capacity
expansion in Russia by our European joint venture,
Lamb-Weston/Meijer. Together, these investments will strengthen our
global manufacturing network, and provide us added flexibility to
meet demand growth and serve our customers around the world.”
Capacity Expansion
The Company announced the planned construction of a new french
fry processing line at its existing facility in American Falls,
Idaho, with expected capacity to produce more than 350 million
pounds of frozen french fries and other potato products per
year.
Construction of the new line is expected to be completed by
mid-2023, and will add approximately 130 new jobs. The total
investment is expected to be approximately $415 million, and will
include additional modernization of the existing facility, which
was built in 1961.
Dividend
The Board of Directors declared a quarterly dividend of $0.235
per share of Lamb Weston common stock. The dividend is payable on
Sept. 3, 2021 to stockholders of record as of the close of business
on Aug. 6, 2021.
About Lamb Weston
Lamb Weston, along with its joint venture partners, is a leading
supplier of frozen potato, sweet potato, appetizer and vegetable
products to restaurants and retailers around the world. For more
than 70 years, Lamb Weston has led the industry in innovation,
introducing inventive products that simplify back-of-house
management for its customers and make things more delicious for
their customers. From the fields where Lamb Weston potatoes are
grown to proactive customer partnerships, Lamb Weston always
strives for more and never settles. Because, when we look at a
potato, we see possibilities. Learn more about us at
lambweston.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Words such as
“continue,” “expect,” “provide,” “invest,” “expand,” “grow,”
“will,” “increase,” and variations of such words and similar
expressions are intended to identify forward-looking statements.
Examples of forward-looking statements include, but are not limited
to, statements regarding the Company’s industry, capital
investments, dividends and business outlook and prospects. These
forward-looking statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Readers of this press 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, including those set forth in this
press release. These risks and uncertainties include, among other
things: impacts on the Company’s business due to health pandemics
or other contagious outbreaks, such as the COVID-19 pandemic,
including impacts on demand for its products, increased costs,
disruption of supply or other constraints in the availability of
key commodities and other necessary services; the Company’s ability
to successfully execute its long-term value creation strategies;
the Company’s ability to execute on large capital projects,
including construction of new production lines or facilities; the
competitive environment and related conditions in the markets in
which the Company and its joint ventures operate; political and
economic conditions of the countries in which the Company and its
joint ventures conduct business and other factors related to its
international operations; disruption of the Company’s access to
export mechanisms; risks associated with possible acquisitions,
including the Company’s ability to complete acquisitions or
integrate acquired businesses; its debt levels; the availability
and prices of raw materials; changes in the Company’s relationships
with its growers or significant customers; the success of the
Company’s joint ventures; actions of governments and regulatory
factors affecting the Company’s businesses or joint ventures; the
ultimate outcome of litigation or any product recalls; levels of
pension, labor and people-related expenses; the Company’s ability
to pay regular quarterly cash dividends and the amounts and timing
of any future dividends; and other risks described in the Company’s
reports filed from time to time with the Securities and Exchange
Commission. The Company cautions readers not to place undue
reliance on any forward-looking statements included in this press
release, which speak only as of the date of this press release. The
Company undertakes no responsibility for updating these statements,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210722005824/en/
Investor Relations: Dexter Congbalay 224-306-1535
Dexter.Congbalay@lambweston.com
Media: Shelby Stoolman 208-424-5461
shelby.stoolman@lambweston.com
Lamb Weston (NYSE:LW)
Historical Stock Chart
From Jul 2024 to Jul 2024
Lamb Weston (NYSE:LW)
Historical Stock Chart
From Jul 2023 to Jul 2024