Print this story |
E-mail story |
This story has 8 comments | Add your own |
iPod friendly | Bookmark this
What is this?
Hormel may buy portion of Purefoods
Published Wednesday, November 18, 2009
Hormel Foods Corp. is in talks with San Miguel Purefoods Co. to buy a portion of the Philippine-based business.
As reported by the Philippine Star, San Miguel is currently holding discussions with Hormel and other companies concerning the sale of 40 percent of Purefoods.
"We're still evaluating the proposals," said Francisco Alejo, Purefoods president, in a Philippine Star article. "Many are foreign investors willing to invest. I don't have the names but they have offered to acquire 40 percent of the company."
Last year, San Miguel announced plans to sell a portion of subsidiaries, but Alejo said the company plans to retain the majority of its business.
Hormel and San Miguel have a history of working together, and Hormel currently owns 40 percent of Purefoods-Foods Hormel Co., a joint venture between the two companies located in Marikina, Philippines.
Along with plans to build a new ice cream plant, San Miguel is working to expand its processed meat and poultry lines.
In October, Hormel donated 30,240 pounds of Spam products to the Philippine Red Cross following Typhoon Ketsana.
WOULD YOU LIKE TO SHARE THIS STORY?
Comments
Posted by sapwcbtpm (anonymous) on November 18, 2009 at 11:36 a.m. (Suggest removal)
I think I recall hearing that either George A. or Jay C. Hormel's will made a reference to the fact that they wanted to protect the prosperity of Austin by requiring that HORMEL would ALWAYS be in Austin. Can anyone verify that?
Also, I imagine HORMEL loves being a big fish in a small pond.
Posted by leftys2221 (anonymous) on November 18, 2009 at 11:52 a.m. (Suggest removal)
Austin has an airport specifically for the Hormel execs.
Posted by formerresident (anonymous) on November 18, 2009 at 7:06 p.m. (Suggest removal)
Hormel isn't required to be in Austin. That's an Austin urban legend.
Posted by Littletoad (anonymous) on November 18, 2009 at 7:32 p.m. (Suggest removal)
Former....correct, but I believe it is the Hormel Foundation Trust money that has to be spent in Austin and Mower county as the heirs die off and the trusts revert 21 yrs after back to the foundation. You may want to google the foundation website for further info.....it's a good website that explains much....have fun reading!
Posted by Pigtown (anonymous) on November 19, 2009 at 9:23 a.m. (Suggest removal)
outsideinpov09, Hormel is heavily invested in Asia too, so by your logic I should begin teaching my kids Mandarin Chinese. In this global economy, companies better expand into emerging markets or they risk being left behind. It's not that difficult a concept to figure out.
Posted by leftys2221 (anonymous) on November 19, 2009 at 9:29 a.m. (Suggest removal)
Pig, you are 100% correct. If a company as large as Hormel does not expand into the global market they are done. Hormel will not leave Austin, they already have plants all over all they may do is open more plants.
Posted by whalesmn (anonymous) on November 19, 2009 at 10:51 a.m. (Suggest removal)
I don't think you are correct outsideinpov09 on Hormel moving from Austin. Back around the time of the strike in the 80's the Hormel grandson's tried to force the Hormel Foundation to divest their stock in the company so that they could get a higher rate of return on their investment. The case went to court, and the ruling was that the way George and/or Jay had set things up was pretty much air tight legally,and that the Foundation would ALWAYS remain in control of the company, i.e. it could never be taken over by another company, and that it's purpose included insuring that the HQ would remain in Austin on a PERMANENT basis.
I don't think that it's possible that they could ever legally move their HQ out of Austin, in answer to sapwcbtpm's question.
As an aside, it's pretty apparent you have a disdain for Austin outsideinpov09. What's you beef with the town?
Posted by Pigtown (anonymous) on November 19, 2009 at 11:28 a.m. (Suggest removal)
Agree to disagree. My glass remains half full.
Post a comment (Terms of Use Policy)
(Requires free registration.)