Brazil based refrigerated and frozen products firm Sadia SA announced it had acquired Excelsior Alimentos.
Sadia SA is currently a leading global producer of chilled and frozen food. Sadia SA’s refrigerated and frozen products include poultry, pork, beef, turkey and chicken. The firm boasts 16 distribution units located across 14 Brazilian states. Sadia SA is as well engaged in convenience products, such as ready meals, pizza, pasta, margarine and desserts.
The acquired business, Excelsior Alimentos has shown an impressive market performance in recent months. Excelsior reported net income of 33.1 million reals and loss of 617,000 reals. Sadia reiterated that it will not cancel the registration of Excelsior as a publicly-held company, in the next one year. Excelsior Alimentos SA is a Brazil-based company engaged in the food processing sector. The Company's product line includes ham, sausages, cold cuts and chicken products.
According to Bloomberg, the world’s largest poultry exporter, BRF-Brasil Foods SA said it hopes to begin discussions with antitrust regulators about potential asset sales as it seeks approval for taking over Sadia SA. Formerly known as Perdigao SA, Brasil Foods expects regulator Cade to approve the takeover in the first quarter of next year, said Jose Antonio do Prado Fay, CEO.
In July 2009, the company bought Sadia after its smaller rival recorded more than 3 billion reais (US$1.7 billion) in derivative losses in 2008. Before approving the takeover, the antitrust arm of Brazil’s Finance Ministry recommended Cade require the foodmaker to sell assets or license one of its two main brands.
Source: Invest in Brazil