KENNEWICK, Wash.--(BUSINESS WIRE)--Aug. 6, 2008--ConAgra Foods
Lamb Weston, the largest potato company in North America with annual
sales exceeding $2 billion, and Ochoa Foods, a privately owned potato
processing company based in Boise, Idaho, announced today that they
have entered into a new joint venture. The two companies will form a
50/50 joint venture to operate Ochoa Foods' current potato processing
plant in Warden, Wash.
The name of the new joint venture will be Lamb Weston / BSW, and
its purpose will be to develop, process and sell frozen potato
products. Financial terms of the joint venture were not disclosed.
"This is an exciting new opportunity for Lamb Weston, and a true
'win-win' for both Ochoa Foods and Lamb Weston," said Jeff DeLapp,
president, ConAgra Foods Lamb Weston. "Combining Ochoa's
entrepreneurial spirit and experience with Lamb Weston's operating
reach should drive improved earnings potential for both companies."
"This new partnership with Lamb Weston is a major milestone for
Ochoa Foods," said Howard Bafford, chief operating officer, Ochoa
Foods. "The employees of Ochoa Foods have worked extremely hard to
establish the base of business we have today, and we look forward to
combining this effort with the resources of ConAgra Foods Lamb Weston
in this new joint venture."
The Warden processing plant processes approximately 300,000 tons
of potatoes each year and services several major quick-service
restaurants and other foodservice accounts. The 140,000-sq. ft.
facility is located on a 17-acre site in Washington's Columbia Basin.
ConAgra Foods Lamb Weston is a brand of ConAgra Foods, Inc.,
(NYSE: CAG) one of North America's leading packaged food companies,
serving consumer grocery retailers, as well as restaurants and other
foodservice establishments. Popular ConAgra Foods consumer brands
include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew
National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM and
many others. For more information, please visit us at
Note on Forward-looking Statements:
This release contains forward-looking statements. These statements
are based on management's current views and assumptions of future
events and financial performance and are subject to uncertainty and
changes in circumstances. The company undertakes no responsibility to
update these statements. Readers of this release should understand
that these statements are not guarantees of performance or results.
Many factors could affect the company's actual financial results and
cause them to vary materially from the expectations contained in the
forward-looking statements. These factors include, among other things,
future economic circumstances, industry conditions, the company's
ability to execute its operating and restructuring plans, availability
and prices of raw materials, product pricing, competitive environment
and related market conditions, operating efficiencies, the ultimate
impact of the company's recalls, access to capital, actions of
governments and regulatory factors affecting the company's businesses
and other risks described in the company's reports filed with the
Securities and Exchange Commission. The company cautions readers not
to place undue reliance on any forward-looking statements included in
this release, which speak only as of the date made.
CONTACT: ConAgra Foods
Jeff Mochal, 402-595-7825
SOURCE: ConAgra Foods