Lamb Weston Holdings on March 25 declared a quarterly dividend and announced an expansion of french fry processing capacity in the Inner Mongolia Autonomous Region of China, which borders the country of Mongolia.
“The french fry category is poised for growth globally, and China continues to be a critical market for us,” said Tom Werner, president and chief executive officer of of Eagle, Idaho, USA-headquartered Lamb Weston. “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.”
The plan calls for construction of a new potato processing plant in Ulanqab, Inner Mongolia, at a cost of $250 million. It will employ approximately 280 full-time workers and have capacity to produce more than 250 million pounds of frozen french fries and other potato products per year. This will add significantly to the company’s existing production in Inner Mongolia from its facility in Shangdu.
Meanwhile, the company’s board of directors has declared a quarterly dividend of $0.235 per share payable on June 4 to stockholders of record as of the close of business on May 7, 2021.