US food manufacturer ConAgra Foods has announced the acquisition of Chinese potato processor TaiMei in a US$93m deal.
The firm said the move expands its Lamb Weston brand operations in “a market that has growing demand for frozen potato products”. Lamb Weston makes a variety of frozen potato, sweet potato and other vegetable products for retail and foodservice operators.
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“We’ve been doing business in China and throughout Asia for more than 25 years, leading the way in market development and expansion,” said Greg Schlafer, president Lamb Weston. “TaiMei is ConAgra Foods’ first potato processing facility in China, and we are confident they’ll help to accelerate our strong growth in Asia.”
The acquisition also includes the transfer of 340 staff to ConAgra’s team.
“Our focused expansion in China is truly customer-centric. We’re leveraging our deep industry experience to develop in-country supply capabilities for our major quick-service restaurant chains and other strategic customers,” ConAgra CEO Gary Rodkin said. “Our customers have aggressive growth plans in China, and by adding ConAgra Foods’ operations in China, we will be better able to support their plans.”
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