Sector News

Hormel, Cargill end joint venture

December 3, 2014
Consumer Packaged Goods
Hormel Foods Corp. and Excel Corp., a subsidiary of Cargill, have dissolved their partnership in Precept Foods L.L.C.
 
“Effective at the end of fiscal 2014, we dissolved our Precept Foods partnership by mutual decision with Cargill Meat Solutions,” said Jeffrey Ettinger, president and chief executive officer of Hormel. “Sales of $115 million were associated with this business, but we do not anticipate a material impact to segment profit as a result of this change.”
 
The companies formed the joint venture in 2002 to market branded fresh case ready beef and pork under the Hormel Always Tender brand. The joint venture, based in Austin, Minn., came together in response to demand from livestock producers.
 
“Livestock producers have been urging packers to market more meat through branded programs, noting that branding is a key to increasing the value of the livestock they own,” Warren Staley, chairman and c.e.o. of Cargill, said at the time. “This joint venture will take branding to a higher level by rounding out the successful Hormel Always Tender brand name in a full line of fresh case-ready beef and pork products.”
 

comments closed

Related News

September 7, 2024

Barry Callebaut appoints new president of North American division

Consumer Packaged Goods

Barry Callebaut has named Natasha Chen president of its North American division, effective Sept. 16. She will succeed Ben De Schryver, who will leave Barry Callebaut to “pursue other opportunities,” the company said. In her new role, Chen will manage the company’s North American business in the United States, Mexico and Canada.

September 7, 2024

Pladis opens new MENAI headquarters in Jeddah, Saudi Arabia

Consumer Packaged Goods

Global snacking company Pladis has opened a new headquarters in Jeddah, Saudi Arabia. The site marks a milestone in Pladis’ strategic growth and expansion in the Middle East, North Africa and India (MENAI) region.
Located in the Zahran Business Center in Jeddah, the new office is equipped with new technology and was designed with a focus on sustainability.

September 7, 2024

Ferrero announces official launch of plant-based Nutella

Consumer Packaged Goods

Ferrero has announced the official European launch of a plant-based version of its iconic global hazelnut spread, Nutella. Beginning its roll-out with select European markets in autumn 2024, the new plant-based Nutella will soon be available to consumers in local supermarkets in a 350g jar.