Gloria Foods SA announced the signing of an agreement to acquire 80% of the share capital of Molfino Hermanos SA, a company that is part of Saputo Argentina, for an approximate amount of US$500 million.
The operation will be carried out in Argentina through the purchase of said company from Saputo Inc. (Canada), and also includes its commercial office in Brazil. Molfino Hermanos, a company with decades of experience, has been a key player in the development of Saputo Argentina for more than 20 years.
This acquisition constitutes a strategic step to continue strengthening Gloria Foods’ presence in the dairy sector. Saputo Inc. will maintain a 20% shareholding, which will promote the exchange of knowledge between both companies, as well as consolidate a relevant commercial relationship.
The closing of the operation is subject to the approval of the corresponding regulatory authorities, in accordance with the usual processes for this type of transactions.
“The incorporation of Saputo Argentina to our holding strengthens our position in the sector and allows us to continue building a solid platform for the development of the dairy business in Latin America,” said Claudio Rodriguez, president of Gloria Foods.
Saputo Argentina is one of the main players in the dairy industry in its country, with a consolidated track record in the production and marketing of cheeses and other dairy inputs, standing out for its experience in the sector.
RECOMMENDED VIDEO
