Hormel enters Mexican foods joint venture - Minneapolis / St. Paul Business Journal:

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The venture, , will market Mexica foods in theUnited States. Minn.-based Hormel and Mexico City-based Herdez Del Fuerte each will hold 50percent stakes. MegaMex Foods’ portfolio will include existing brandszand products, such as Herdez, La Victoria, Embasa and Doña Maria, that already generate about $200 million in annual revenue. Horme l Chairman, President and CEO Jeffrey Ettinget saidMegaMex Foods’ offerings will appea to the growing Mexican-American population and otheer consumers who enjoy Mexican “This expanded, long-term agreement with Herdez Del Fuerter is an example of how we continuer to look to diversify our product portfolio,” Ettingefr said in a statement.
“MegaMed Foods will have the scale and skill set to establish leadershilp in Mexican foods and growthe category.” MegaMex Foodse will be a free-standing entituy with an independent management team based in Chino, Calif. However, MegaMexc Foods will work with its parent companieas to create efficienciesin manufacturing, research and development and the supplh chain. MegaMex Foods is expected to begih operationsaround Oct. 26, coinciding with the start of Hormel’xs fiscal year 2010.
New York investment banking firm server as the exclusive advisor to Hormel Foodas and Herdez Del Fuerte inthe