ConAgra Foods, the American consumer goods company, has agreed to acquire the Chinese potato processor Tai Mei Potato for $93 million, Food Business News reports.
The acquisition will expand ConAgra’s Lamb Weston operations, enabling it tap into the growing Chinese market for frozen potato products, the company said.
Lamb Weston president Greg Schlafer commented: “We’ve been doing business in China and throughout Asia for more than 25 years, leading the way in market development and expansion. TaiMei is ConAgra Foods’ first potato processing facility in China, and we are confident they’ll help to accelerate our strong growth in Asia”.
Based in one of the largest potato growing regions in China, Tai Mei’s plant will enable Lamb Weston to manufacture frozen potato products closer to its growing customer base in Asia, Food Business News reports.
Commenting on the acquisition, ConAgra Foods chief executive Gary Rodkin said: “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. 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”.
Source: Food Business News