US food company General Mills Inc (NYSE:GIS) said it had finalised its deal to acquire Brazilian sector player Yoki Alimentos SA.
The definitive purchase agreement was unveiled on 24 May 2012 but the financial parameters of the transaction remained undisclosed. Sean Walker, president of General Mills’ Latin American operations, described the closure of the acquisition as a new start for the company’s Brazilian business.
General Mills has expanded its portfolio with brands that have been favourites of Brazilian households for decades. As a result of this acquisition, General Mills will be able to accelerate its growth in the vibrant Brazilian market, Walker added.
Walker, who also runs General Mills Brazil, will be put in charge of Yoki. He will be assisted by a management team comprising key executives from both companies.
Yoki was established in 1960 by Yoshizo Kitano and currently sells over 600 products across the country under nine brands. The food products marketed under its Yoki and Kitano brands have secured leading market positions in categories such as snacks, convenient meals, basic foods and seasonings.
The company has multiple production facilities and a national retail distribution network. In 2011, it booked revenues of BRL1.1bn (USD539.4m/EUR438.5m) on an IFRS basis.