Lamb Weston Holdings announced the expansion of its french fry processing capacity at its facility in American Falls, Idaho, as it declared its quarterly dividend.
“We continue to be confident about the long-term health and growth of the global french fry market,” said Tom Werner, president and CEO. “This investment in American Falls complements our recently-announced plans to construct a greenfield french fry processing facility in China, as well as capacity expansion in Russia by our European joint venture, Lamb-Weston/Meijer. Together, these investments will strengthen our global manufacturing network and provide us added flexibility to meet demand growth and serve our customers around the world.”
The company announced the planned construction of a new french fry processing line at its existing facility in American Falls, Idaho, with expected capacity to produce more than 350 million pounds of frozen french fries and other potato products per year.
Construction of the new line is expected to be completed by mid-2023 and will add approximately 130 new jobs. The total investment is expected to be approximately $415 million and will include additional modernization of the existing facility, which was built in 1961.
The board of directors declared a quarterly dividend of $0.235 per share of Lamb Weston common stock. The dividend is payable on Sept. 3, to stockholders of record as of the close of business on Aug. 6.
Lamb Weston, along with its joint venture partners, is a supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers around the world.
