Molinos Río de la Plata, the food arm of the Argentine holding Grupo Perez Companc, has acquired a clutch of frozen-pizza assets in the country from McCain Foods.
In a stock-exchange filing, Molinos Río de la Plata said it had agreed to buy the frozen-pizza brand Sibarita and a manufacturing plant in Pilar in Buenos Aires province.
Financial terms were not disclosed. Molinos Río de la Plata said the deal is subject to due-diligence procedures.
Sources close to McCain told Just Food the company decided to sell its frozen-pizza unit in Argentina to focus on its core frozen-potatoes business in the company, where the company is the market leader for branded products.
The sources said McCain does not intend to exit the Argentine market entirely as other multinationals have done in recent years. Currency-exchange restrictions and triple-digit inflation have sparked some large consumer-goods players, including Procter & Gamble, to leave the country.
In its filing, Molinos Río de la Plata described Sibarita as “a recognised brand of frozen pizzas both in Argentina and in the region”. The company added the assets are “complementary to its current portfolio of leading brands and easily integrable into it”.
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The group added: “Without a doubt, the incorporation of Sibarita into Molinos’ portfolio is an opportunity to expand the consumption occasions in which the company participates”.
Sibarita, which McCain acquired in 2007, is sold in Argentina, Chile, Paraguay, Colombia and Uruguay. McCain halted production at the Pilar earlier this year but the sources close to the company said it was meeting orders with existing stock and the new owner plans to resume production.
Molinos Rio de la Plata has ten manufacturing plants in Argentina and employs more than 2,500 staff. Its portfolio of more than 30 brands includes Granja del Sol frozen foods and Matarazzo pasta.
