Hormel Foods announces acquisition of Chang for $ $104 mi

American food products company Hormel Foods announced on Thursday (24) the acquisition of the brazilian City of Sun, which owns the mark Chang, for $ $104 million (approximately $327 million R). The Chang is manufacturer of embedded and mortadella as your flagship.
The Hormel Foods, which is present in 75 countries, stressed the importance of the acquisition for a future expansion in South American markets.
"This acquisition is a strategic choice for Hormel Foods, because it gives us an initial input to the Brazilian market and will serve as a platform for future growth in South America," said the Chief Executive of Hormel Foods, Jim Snee, in a statement to the market.
"The Hormel Foods has a strong reputation, with values that match with the team throughout our 85-year history. They share an unwavering focus on product quality, cutting-edge technology and transparency. The acquisition of Chang brand by Hormel Foods provides the resources of a global company and will help in our expansion and growth plans, "said Mauro Preti, CEO of Chang, said in a statement.
According to Chang, Mario Ceratti, statutory Director of the company, will remain at the company to effect the transition to the new shareholders. The current management body will be kept unchanged.