Hormel Foods Announces Joint Venture
Hormel Foods Corporation and Herdez Del Fuerte, S.A. de C.V., announce the closing of a 50/50 joint venture agreement to create MegaMex Foods LLC, which will market Mexican foods in the United States.
"This new venture takes our relationship with Hormel Foods to the next level, and it is a win-win all around," says Enrique Hernández-Pons Torres, chairman of the board, MegaMex Foods. "By forming MegaMex Foods, we are able to better serve our retail and foodservice partners and consumers while positioning our businesses for long-term growth."
The venture significantly expands the existing agreement between the two companies and produces a portfolio with initial revenue of about $200 million. MegaMex Foods has a comprehensive portfolio that includes brands such as CHI-CHI'S, HERDEZ, LA VICTORIA, EMBASA and DONA MARIA, among others, which resonate with Mexican-American and mainstream consumers of Mexican foods.
MegaMex Foods is a free-standing entity with an independent management team based in Chino, Calif. MegaMex Foods will optimize efficiencies by leveraging core competencies of the parent companies, such as manufacturing, research and development and the supply chain.
"This new venture takes our relationship with Hormel Foods to the next level, and it is a win-win all around," says Enrique Hernández-Pons Torres, chairman of the board, MegaMex Foods. "By forming MegaMex Foods, we are able to better serve our retail and foodservice partners and consumers while positioning our businesses for long-term growth."
The venture significantly expands the existing agreement between the two companies and produces a portfolio with initial revenue of about $200 million. MegaMex Foods has a comprehensive portfolio that includes brands such as CHI-CHI'S, HERDEZ, LA VICTORIA, EMBASA and DONA MARIA, among others, which resonate with Mexican-American and mainstream consumers of Mexican foods.
MegaMex Foods is a free-standing entity with an independent management team based in Chino, Calif. MegaMex Foods will optimize efficiencies by leveraging core competencies of the parent companies, such as manufacturing, research and development and the supply chain.