Starboard Value LP delivered a letter to Lamb Weston Holdings Inc. (NYSE: LW) Chief Executive Officer Michael Smith and the company's board of directors, according to a company statement.

The investment firm, which describes itself as a significant stockholder in the frozen potato products company, urged Lamb Weston to double its previously announced cost savings initiatives with particular focus on reducing selling, general and administrative expenses.

Starboard encouraged a strategic review of Lamb Weston's international portfolio, including potential divestiture of select Asia-Pacific assets. The firm stated it sees opportunities to increase earnings power by expanding margins.

The letter expressed Starboard's belief that Lamb Weston has taken important steps forward and is positioned to deliver greater shareholder value. Starboard indicated it looks forward to working with the company to unlock its potential for all shareholders.

Starboard Value describes itself as an investment adviser that invests in undervalued companies and actively engages with management teams and boards to identify opportunities to unlock value.