Hormel may buy portion of Purefoods
Published 10:35 am 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.”
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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.