Retail meat-packing company Hilton Food Group has announced that it will purchase a 50% shareholding in Netherlands-based vegetarian food manufacturer Dalco Food B.V.
The joint venture agreement is subject to clearance from the Dutch competition authority.
In September of this year, Hilton Food Group reported a 25.3% rise in its adjusted operating profit, driven by higher sales in Ireland and Australia, and the acquisition of Seachill in 2017.
'A Successful Joint Venture'
The agreement will enable Dalco to broaden its customer base and benefit from Hilton’s manufacturing expertise and capital resources.
Dalco chief executive Marian Wagemakers said that the deal "will enable us to expand our operations and continue to focus on giving our customers the right choices at competitive prices.
"I value the mutual respect and cultural similarities [between the two businesses], which will provide a strong base for a successful joint venture," Wagemakers added.
Vegetarian Food Market
For Hilton, the deal is an opportunity to expand into the vegetarian food market, which is growing at a steady pace.
Hilton chief executive Philip Heffer said, "We look forward to seeing the positive effects of our tried and tested business model on this relationship, which will be supported by our flexible and versatile approach to meeting local requirements."
Hilton Food Group plc is one of Europe's leading international food-packing companies, and its clients include Tesco, Ahold, Coop Danmark, ICA and Sonae in Europe, and Woolworths in Australia.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
