Lamb Weston Holdings Completes Acquisition of the Remaining Interests in European Joint Venture Lamb-Weston/Meijer
February 28 2023 - 7:00PM
Business Wire
Lamb Weston Holdings, Inc. (NYSE: LW) (“Lamb Weston” or the
“Company”) announced today it has completed its purchase of the
remaining equity interests in its European joint venture with
Meijer Frozen Foods B.V. The final transaction consideration
consisted of €525 million in cash, subject to certain adjustments,
and 1,952,421 shares of Lamb Weston common stock. The Company
announced its intent to purchase the interest in October 2022.
Having completed the transaction, Lamb Weston owns 100% of
Lamb-Weston/Meijer, v.o.f., which formerly operated as a 50/50
joint venture between a wholly-owned subsidiary of Lamb Weston and
Meijer Frozen Foods. With the acquisition, the Company adds an
additional five manufacturing facilities to its footprint
worldwide, including four facilities in the Netherlands and one in
the United Kingdom, as well as a sixth manufacturing facility
operated through a 75% interest in a joint venture in Austria.
These facilities produce nearly two billion pounds (910,000 MT) of
finished frozen products annually.
While it was a 50% owner of Lamb-Weston/Meijer, the Company
recorded its 50% portion of earnings in Equity Method Investment
Earnings in its financial statements. As of the transaction
closing, Lamb-Weston/Meijer will be a wholly-owned subsidiary of
the Company, and the Company will fully consolidate
Lamb-Weston/Meijer’s results in its financial statements.
About Lamb Weston
Lamb Weston 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230228006146/en/
Investor Relations: Dexter Congbalay 224-306-1535
Dexter.Congbalay@lambweston.com
Media: Shelby Stoolman 208-424-5461
shelby.stoolman@lambweston.com
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