Hormel Foods Acquires 29% Stake In Indonesia's Garudafood

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  • Hormel Foods Corp HRL has acquired a minority stake in PT Garudafood Putra Putri Jaya Tbk, one of the largest food and beverage companies in Indonesia. The financial terms were not disclosed.
  • Hormel Foods purchased approximately 29% of the shares of Garudafood from CVC and other shareholders.
  • Garudafood's branded portfolio includes snacking products, such as Garuda peanut snacks, Gery biscuits and confectionary products, and Chocolatos wafer sticks.
  • The transaction closed during Indonesia Stock Exchange trading hours on Dec. 15, 2022.
  • "We look forward to accelerating our presence in these high-growth geographies and the snacking and entertaining category as we further leverage the strengths and capabilities of both companies," said Chairman and CEO Jim Snee.
  • Hormel held $998 million in cash and equivalents as of Oct. 30, 2022.
  • Price Action: HRL shares are trading lower by 0.42% at $45.50 in premarket on the last check Friday.
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Posted In: M&ANewsGeneralBriefsEurasia
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