McCain, the world leader of frozen french fries and Forno de Minas, the leader in cheese breads, entered into an agreement under which McCain will acquire a 49 percent interest in Forno de Minas.
Regarding the agreement, Helder Mendonça, CEO of Forno de Minas, who will continue in this role, following the completion of the transaction, said: "This partnership will certainly be very favorable to the growth of both Forno de Minas and McCain's businesses. We jointly have opportunities to expand our business in Brazil, as well as in the world market. We want to continue bringing to the family table high quality products that have the taste of home made. We are very pleased to join forces with a company that values as much as we do product quality, partnership with customers and consumer preferences. "
Paolo Picchi, regional president of McCain Foods Latin America commented: "This agreement presents a great opportunity for both companies, which have very strong brands in the Brazilian market. We are confident in the success story of Forno de Minas and in the management of the Mendonça family to continue to lead the company. McCain Foods and Forno de Minas have complementary appetizer and snacking strategies and both have a proud commitment to high-quality products and excellent customer service. This partnership presents a fantastic opportunity for both companies to strengthen and grow their presence in this important market sector here in Brazil.”