Lamb Weston International has finalized the acquisition of the remaining shares in Lamb Weston Alimentos Modernos S.A., Argentina, achieving 100% ownership. This move comes alongside the announcement of a plant closure in Connell, Washington, and the acquisition of a 10% stake from Sociedad Comercial del Plata, making Lamb Weston the sole owner. Initially acquiring a 50% share in 2019 and increasing to 90% in 2022, this step underscores Lamb Weston's commitment to the Argentine market.
The acquisition ensures operational continuity for Lamb Weston Alimentos Modernos S.A., with all existing contracts and obligations with stakeholders remaining unchanged. Lamb Weston aims to leverage this acquisition to enhance operational efficiencies and explore growth avenues in both Argentina and the broader Latin American region. The company acknowledges the pivotal role of Sociedad Comercial del Plata in its growth trajectory.
Marc Schroeder, President of Lamb Weston International, emphasized the acquisition's role in aligning the company's strategy within Argentina and bolstering investments in the local market. Romina Broda, VP of Lamb Weston Latam, highlighted the acquisition as indicative of Lamb Weston's confidence in the region's potential and its team.
Source: PotatoPro