McCain Foods buys Brazilian frozen potato company

McCain Foods, the world's largest frozen potato maker, has agreed to buy 70% of the Brazilian Sérya in an agreement that will allow the Canadian group to expand its presence in the country. The value of the transaction has not been disclosed. The remaining participation in Sérya is controlled by Forno de Minas, in which McCain bought a 49% stake last year. A source close to McCain's operations in Brazil stated that the company's Brazilian subsidiary received an injection of US $15 million (about R $60 million) from the Matrix to settle the acquisition. Headquartered in Araxá (MG), Sérya has a factory with annual production capacity of 12000 tonnes. The acquisition is regarded as McCain's first step to produce locally frozen chips. So far, the company supplies the Brazilian market, including fastfood networks like McDonald's, with products imported from other countries, mainly from Argentina. Brazil is the fifth largest frozen potato market in the world and has the potential to become the third up to 2021 ", said McCain's director-General in the country, Aluizo Neto, in a statement.