Hormel Foods Acquires 29% Stake In Indonesia's Garudafood

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.