January 29, 2015
San Miguel Pure Foods unit buys Hormel stake in Vietnam hog farm
San Miguel Pure Foods Co. Inc. has gained full control of a Vietnam-based hog farming and food processing subsidiary after buying out the 49% 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).
Previous to the acquisition, the offshore unit owned 51% 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.
The acquisition of Hormel''s stake makes SMPFIB a wholly owned subsidiary of San Miguel Pure Foods'' overseas unit.
San Miguel Pure Foods, which was incorporated in 1956, manufactures and markets 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, including Magnolia, Pure Foods, Monterey, Star, Dari Creme, B-Meg, San Mig Coffee and JellyAce.
Besides Hormel, the food unit of the San Miguel Corp. group has partnerships with Singapore-based Super Coffee Corp. Pte. Ltd and Penderyn Pte. Ltd.