Cargill Acquires Brazilian Tomato Biz for $350M
Wayzata-based Cargill, Inc., announced Friday that it has entered an agreement to acquire Unilever's tomato products business in Brazil for approximately $350 million.
The deal, which includes a manufacturing facility and site in Goi‰nia, Brazil, is expected to close by the end of the year and is subject to standard regulatory approval.
The acquisition brings several consumer brands to Cargill, including Pomarola and Tarantella brand tomato sauces, Elefante and Extratomato brand tomato pastes, and Pomodoro brand tomato pulp.
“This acquisition furthers our objective of becoming a leading food products company in Brazil, with a focus on shelf-stable consumer staple products,” Sergio Rial, Cargill senior vice president, said in a statement. “Delivering a wider range of products to retailers enables Cargill to improve the point-of-sale service we provide them. In addition, consumers will benefit from Cargill's commitment to product innovation and quality, and our strong food safety and environmental stewardship practices.”
Cargill is an international provider of food, agricultural, financial, and industrial products and services. It employs 131,000 people in 66 countries and is Minnesota's largest private company based on its revenue, which totaled $107.9 billion in its most-recently completed fiscal year.