Hormel Foods, the maker of Spam and other brands, has announced that it has acquired Brazilian meats company Cidade do Sol.
The company offers more than 70 products in 15 categories, including meats such as mortadella, sausage and salami, and foodservice markets under the Ceratti brand.
"Strategic international growth is important to Hormel Foods and South America has been of interest to us for several years," said Jim Snee, president and chief executive officer of Hormel Foods.
"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."
The purchase price of the acquisition was approximately $104 million.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
