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Nestle, the Swiss consumer goods giant, has announced plans to exit the dairy and juice sector in Ecuador through a deal with Gloria Foods, a subsidiary of the Peruvian business conglomerate Gloria Group, for Ecuajugos.
According to Gloria Foods, the deal includes a factory and distribution centre in Cayambe, the local brands La Vaquita, Yogu Yogu, Natura, Cereavena and Huesitos, and the licensing of the international brands La Lechera and Svelty.
Commenting on the move, Nestle Ecuador executive president Josue De la Maza said: “It is worth noting that in 2018 we acquired Terrafertil, an Ecuadorian company that has grown throughout Latin America with a leading portfolio in the plant-based category, which strengthens our product offering to Ecuadorian consumers. We are confident that Gloria Foods will continue to develop the dairy business in Ecuador based on its regional trajectory”.
Gloria Foods president Claudio Rodriguez added: “With this purchase, we are renewing our commitment to the Ecuadorian market as a significant player in the food sector, and we welcome with enthusiasm the excellent team and the major brands that the acquisition brings with it. We are confident that this transaction will strengthen our portfolio in Latin America and allow us to continue bringing our quality and expertise to the countries where we are present”.
The transaction is subject to approval from antitrust authorities.
Source: Ecuador Times / FoodBev
