Hormel Foods buys off Ceratti for nearly 100 million dollars
“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, 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 latest acquisition gives Hormel new opportunities and allows the company to enter the fast-growing Brazilian market.
“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 continue international expansion and, with the addition of the Ceratti® brand, our global footprint will continue to grow,” said Larry Vorpahl, group vice president, Hormel Foods and president, Hormel Foods International Corporation.
In August, Homel also announced the acquiring of Fontanini Italian Meats and Sausages for 425 million dollars. The company expanded thus its portfolio of products, having now access to meats and sausages made by the Italian manufacturer and a variety of other premium meat products.
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