Hormel Foods Corp. has acquired Cidade do Sol, a growing value-added meats company in Brazil, for approximately $104 million.
The company offers more than 70 branded products in 15 categories, including authentic meats such as mortadella, sausage and salami, for Brazilian retail and foodservice markets under the popular Ceratti brand.
“Strategic international growth is important to Hormel Foods, and South America has been of interest to us for several years,” Hormel president and chief executive officer Jim Snee said. “The Ceratti brand has a strong family ownership and a rapidly growing distribution of its portfolio of value-added products. This acquisition is a strategic fit for Hormel Foods, provides us an initial entry into the Brazilian market and will serve as a platform for future growth in South America.”
Larry Vorpahl, group vice president of Hormel and president of Hormel Foods International Corp., said the acquisition of the Ceratti brand allows the company to enter the fast-growing Brazilian market with a premium brand.
“The Ceratti brand is poised for continued growth, given its strong reputation in the market and outstanding products. This acquisition allows us to establish a full in-country presence with an excellent team of professionals in sales, marketing, operations, logistics and accounting. We are committed to continued international expansion, and with the addition of the Ceratti brand, our global footprint will continue to grow,” Vorpahl said.
Cidade do Sol CEO Mauro Preti said, “We are certainly proud to become part of the Hormel Foods family. Hormel Foods has a strong reputation, with values that align closely with the values we have built throughout our 85-year history. They share an unwavering focus on product quality, state-of-the-art technology and transparency. Hormel Foods’ acquisition of the Ceratti brand provides the resources of a global company and will allow us to facilitate our plans for expansion and growth.”
Cidade do Sol will report into Hormel Foods International Corp.
Source: Feed Stuffs
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