Eye on Operations: Lamb Weston, Sanderson Farms in the news
The Tri-City (Wash.) Herald reported that ConAgra Foods' Lamb-Weston business plans on May 30 to close its frozen potato processing plant in Prosser, Wash. The move will affect 250 workers, although officials said they will try to help find jobs for employees at other area Lamb Weston facilities. ConAgra spokesman Jeff Mochal told the newspaper that the decision reflected economic conditions and fewer frozen potato products being sold, in conjunction with the Prosser plant being the most expensive to operate in the region. A cold storage warehouse on the site will remain open, officials said.
Fresh and frozen chicken products processor Sanderson Farms, Inc., Laurel, Miss., said it initiated an underwritten registered public offering of 2,000,000 shares of its common stock. Officials say net proceeds from the offering, together with other funds, will finance the construction of a new retail poultry complex in Kinston, N.C., and a potential new big bird poultry complex to be located near Goldsboro, N.C.
Real estate services provider Colliers International, Los Angeles, said it directed the sublease of 63,136 square feet of industrial space in Van Nuys, Calif., to Fidelity National Title Insurance Company on behalf of La Brea Bakery for $1.5 million. Following the sublease, Colliers negotiated a five-year lease extension of a 66,333-square-foot space located at the same site, on behalf of La Brea, a frozen par-baked goods company. Both properties are part of a larger 129,469-square-foot site owned by Prudential. The site was fully leased, with 4.5 years remaining, to La Brea Bakery for its bakery processing and distribution.