Lamb Weston Buys Australia-based Ready Meals Ltd.
Lamb Weston recently revealed it has entered an agreement to acquire Australian frozen potato processor Ready Meals Pty Ltd. Terms were not disclosed at this moment. Ready Meals sells frozen potato products under the Harvest Choice brands and operates frozen potato processing and storage facilities in Hallam, Victoria.
“The Read Meals acquisition is the continuation of our strategic work to strengthen and expand our global capabilities,” said Tom Werner, president and CEO. “The acquisition complements our presence in Australia, providing us additional avenues to increase our position in Australia’s 1.1bn pound market,” Werner explained.
The Ready Meals facility adds approximately 70m pounds of production capacity to Lamb Weston’s existing global manufacturing network. Upon completion of the transaction, Lamb Weston will own and operate 18 processing facilities worldwide, and an additional 8 facilities in conjunction with its join venture partners. The closing of the transaction is subject to customary closing conditions and is expected to be completed as soon as practicable.