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
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.
ConAgra Foods |
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