USA: Hormel Foods acquires Cidade do Sol

Hormel Foods, a US food company based in Austin, TX, has acquired Brazilian meat processor Cidade do Sol for approximately $104 million.

According to a company press release, the acquired business will become a part of Hormel Foods’ International business unit, providing an initial entry into the Brazilian market and serving as a platform for future growth in South America.

Jim Snee, president and chief executive officer of Hormel Foods said: “Strategic international growth is important to Hormel Foods and South America has been of interest to us for several years. 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”.

Cidade do Sol produces more than 70 products in 15 categories including meats such as mortadella, sausage and salami under the Ceratti brand.

Source: Hormel Foods