ConAgra Foods Lamb Weston, Ochoa Foods Announce New Joint Venture

2008-08-06 15:48:00

ConAgra Foods Lamb Weston, Ochoa Foods Announce New Joint Venture

KENNEWICK, Wash.–(EMWNews)–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

Ochoas entrepreneurial spirit and experience

with Lamb Westons 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 Washingtons Columbia

Basin.

ConAgra Foods Lamb Weston is a brand of ConAgra Foods, Inc., (NYSE: CAG)

one of North Americas 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.

ConAgra Foods
Jeff Mochal, 402-595-7825
e-mail: jeff.mochal@conagrafoods.com

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