Lamb Weston Holdings, Inc. (NYSE: LW) announced today an expansion of french fry processing capacity in China and the declaration of its quarterly dividend.
Tom Werner, President and CEO of Lamb Weston:
“The french fry category is poised for growth globally, and China continues to be a critical market for us.”
“This investment of in-country production for the China market is a clear example of our commitment to our strategic customers and supporting their growth plans well into the future.”
Capacity Expansion
The Company announced the planned construction of a new french fry processing facility in Ulanqab, Inner Mongolia, China with the capacity to produce more than 250 million pounds of frozen french fries and other potato products per year.
The facility is expected to add approximately 280 full-time positions and will add to the Company’s existing in-country production from its facility in Shangdu, Inner Mongolia, China.
The new facility is expected to be completed in the Company’s first half of the fiscal year 2024. The total investment for the new facility is expected to be approximately USD 250 million.
Dividend
The Board of Directors declared a quarterly dividend of USD 0.235 per share of Lamb Weston common stock. The dividend is payable on June 4, 2021, to stockholders of record as of the close of business on May 7, 2021.
