McCain Foods has taken a 49% stake in Brazilian cheese bread company Forno de Minas.
Forno de Minas owns three factories and has an annual revenue of US$105.4 M). Besides its cheese bread mainstay, it also makes puff pastry, potato bread, burek, stuffed pasta, lasagna and waffles. It exports to more than 15 countries.
“McCain Foods and Forno de Minas have complementary appetizer and snacking strategies and both have a proud commitment to high-quality products and excellent customer service,” said Paolo Picchi, McCain’s regional president of operations in Latin America. “This partnership presents a fantastic opportunity for both companies to strengthen and grow their presence in this important market sector here in Brazil.”
Financial details were not disclosed.
Read more here.