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Nestle Foods sold its dairy and juice manufacturing business to the Peruvian Gloria Foods Group. The deal includes the sale of the Swiss food company’s well-known local brands, such as Huesitos.
Gloria Foods will take over Nestle’s operations in Ecuador, which would also mean the company’s exit from the local dairy and juice market. According to the Ecuador Times, Gloria Foods confirmed earlier this week that it had reached an agreement with Nestlé to acquire its local businesses, which were operating under Ecuajugos SA dairy and juice company.
Agreement Between Nestle and Gloria Foods
According to reports, after Gloria Foods signed the share purchase contract with Nestlé SA and Societé des Produits Nestlé SA to purchase Ecuajugos SA, the latter shut down its operations. This is because the acquisition involves the 100% sale of its dairy and juice businesses.
Nestle’s Ecuajugos SA manufacturing plant and distribution center are located in Cayambe City. The agreement also includes the acquisition of other local brands: Natura, La Vaquita, Cereavena, and Yogu Yogu. Moreover, the licensing of global brands Svelty and La Lechera for the Ecuador market is part of the deal as well.
Acquisition of Ecuajugos: A Boost to the Ecuadorian Market
While Nestle and Gloria Foods already signed a contract, Just Drinks reported that the country’s competition regulator still needs to approve it. The Gloria Group filed the acquisition deal, which indicated the purchase and sale of 100% shares in Ecuajugos SA, with the Superintendency of the Securities Market (SMV).
“With this purchase, we renew our commitment to the Ecuadorian market as a relevant player in the food sector and we enthusiastically welcome the excellent workforce and the important brands that the acquisition of the operation brings with it,” Claudio Rodriguez, president of Gloria Foods, said in a statement. “We are sure that this transaction will strengthen our portfolio in Latin America and will allow us to continue bringing our quality and experience to the countries where we are present.”
Photo by: Nestle Media Room/Flickr
