Hormel Acquires Brazilian Cold Cuts and Meats Company
Meat & Poultry
Hormel Foods Corp. has acquired Cidade do Sol, a Brazilian cold cuts and meats manufacturer, for approximately $104 million.
Cidade do Sol processes such value-added products as mortadella, sausage and salami. The products are sold both in retail and food service 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 CEO 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.”