Mexico: La Costena buys Faribault Foods
La Costena Group, a privately held global leader in a wide range of packaged foods categories, has announced that it has completed the acquisition of Faribault Foods, a privately held manufacturer of canned beans and vegetables based in Minneapolis.
According to the agreement, Faribault Foods will be combined with La Costena’s US affiliate Arizona Canning and the combined companies will operate as Faribault Foods and be headquartered in Minneapolis.
As Albert Hoflack, president and chief executive officer of Arizona Canning, said: “This is an exciting day for Arizona Canning and Faribault Foods, as we merge our strong brand portfolios, enhance our leading market positions and broaden our geographic reach, we welcome the addition of Faribault Foods’ talented team to our own. Together, our goal is to provide customers with superior branded products, private label and contract manufacturing capabilities, and grow our U.S. business”.
As a result of the acquisition Albert Hoflack will be the new CEO of Faribault Foods and Reid MacDonald, president and chief executive officer of Faribault Foods, will move into an advisory role.
Source: BusinessWire / Industria Alimenticia