Sara Lee to sell stake in Mexican meat, cheese firm
March 13, 2008
by FoodBusinessNews.net Staff
DOWNERS GROVE, ILL. — Sara Lee Corp. announced its intent to sell its 49.9% stake in the Qualtia Alimentos business in Mexico to its joint venture partner, Xignux. Qualtia Alimentos, which sells meats and cheeses under such brand names as Zwan, Kir, Duby, Riojano, Alpino, Donfer, Caperucita and Buen Pastor, has annual sales of approximately $300 million.
"This move enables us to more closely focus on the continued growth and expansion of our core brands in the United States and around the world, and is part of our ongoing efforts to streamline our business," said C.J. Fraleigh, chief operating officer, North America, Sara Lee. Sara Lee and Xignux have been partners in the venture since 1994.
Terms of the agreement were not disclosed. The completion of the transaction is expected to occur within a month.
Xignux is a Mexican industrial consortium based in Monterrey, Nuevo Leon. The company has businesses in the food, cable and automotive sectors, and operates 45 plants and numerous distribution centers in Mexico, the United States, Brazil, Argentina, Uruguay, Nicaragua and El Salvador.