American food processing company Lamb Weston has completed the previously announced acquisition of the remaining equity interest in Lamb-Weston/Meijer, its European joint venture with Meijer Frozen Foods.

The €700 million worth cash and stock deal was announced in October 2022.

Under the agreement, Meijer Frozen Foods will receive €525 million in cash, subject to certain adjustments, and 1,952,421 shares of Lamb Weston common stock.

Lamb Weston / Meijer, was a 50:50 joint venture between a wholly-owned subsidiary of Lamb Weston and Meijer Frozen Foods. It manufactures French fries and potato specialties in Europe, with five production facilities.

With the acquisition of interest, Lamb Weston now owns 100% of Lamb-Weston/Meijer and has acquired an additional five manufacturing plants – four facilities in the Netherlands and one in the UK to increase its global footprint.

Lamb Weston’s sixth production facility is operated through a stake of 75% in a joint venture in Austria.

The American potato processing company said that the facilities manufacture approximately two billion pounds (910,000 MT) of finished frozen products every year.

Lamb-Weston/Meijer will now operate as a wholly-owned subsidiary of Lamb Weston.

The US-headquartered company said that it recorded its 50% portion of earnings in Equity Method Investment Earnings in its financial statements while it was a 50% owner of Lamb-Weston/Meijer.

Lamb Weston supplies frozen potato, sweet potato, appetizer, and vegetable products to restaurants and retailers around the world.

  Food acquisition news, Food processing news, Lamb Weston, Lamb Weston/Meijer, Meijer Frozen Foods