September 4 (SeeNews) - Mexican multinational food processing and distribution company Sigma Alimentos said it has acquired a further 51% stake in Romanian meat processing company Caroli Foods Group for an undisclosed sum.
Sigma Alimentos already owned 49% of the shares and with this transaction it becomes the sole owner of Caroli Foods Group, the Mexican company said in a press release late on Friday.
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"This acquisition allows us to continue with our growth strategy in the highly attractive region of Eastern Europe," Sigma Alimentos CEO, Mario Páez, said.
Caroli Foods Group was founded in 1994 by the Lebanese family El Solh. In 2010, it merged with Spain's Tabco Campofrio. Sigma became a minority shareholder in Caroli in 2014, when it has acquired Tabco Campofrio.
Caroli Foods operates a plant in the southern city of Pitesti, where it employs more than 1,200. In 2016, Caroli generated sales of 88 million euro ($105 million).
Sigma Alimentos was founded in 1980 and is headquartered in San Pedro, Mexico. The company operates 69 plants in 18 countries across its four key regions: Mexico, Europe, the United States and Latin America, where it produces and distributes refrigerated foods, mainly lunch meats, cheeses and yogurts.
($ = 0.8408 euro)