SMC unit buys Hormel stake in Vietnam firm
SAN MIGUEL Pure Foods Co. Inc. has consolidated control of a Vietnam-based hog farming and food processing subsidiary by buying out the 49-percent stake held by Hormel Netherlands BV.
In a disclosure to the Philippine Stock Exchange on Tuesday, San Miguel Pure Foods said its wholly owned British Virgin Island-based unit San Miguel Pure Foods International Ltd. had signed an agreement to purchase Hormel’s stake in San Miguel Pure Foods Investment Ltd. (SMPFIB).
The offshore unit already owns 51 percent of SMPFIB, the sole investor in San Miguel Hormel (Vn) Co. Ltd., a company incorporated in Vietnam that is into live hog farming and the production of feeds and fresh and processed meats.
This transaction will thus make SMPFIB a wholly owned subsidiary of San Miguel Pure Foods’ overseas unit.
Incorporated in 1956, San Miguel Pure Foods is into manufacturing and marketing of processed meat products. It is also into poultry and livestock operations, feeds and flour milling, dairy and coffee operations, franchise operations, and young animal ration manufacturing and distribution.
The company has several food brands in its portfolio, among them, Magnolia, Pure Foods, Monterey, Star, Dari Creme, B-Meg, San Mig Coffee, and JellyAce.
Apart from Hormel, the food unit of the San Miguel Corp. group has partnerships with other major international companies like Singapore-based Super Coffee Corp. Pte. Ltd and Penderyn Pte Ltd.
