MEXICO/US: La Costena buys canned food peer Faribault
Faribault supplies brands and own-label products
Mexico-based food group La Costeña has acquired US canned beans and veg firm Faribault Foods to grow its business north of the border.
Faribault Foods, located in Minneapolis, will be combined with La Costeña’s US affiliate, Arizona Canning, which is based in Tucson. The combined companies will operate as Faribault Foods and be headquartered in Minneapolis. Financial terms of the deal were not disclosed.
"Together, our goal is to provide customers with superior branded products, private label and contract manufacturing capabilities, and grow our US business," Albert Hoflack, president and CEO of Arizona Canning, said. Hoflack will take the same role at the combined business. Reid MacDonald, president and CEO of Faribault Foods, will move into an "advisory role".
Faribault Foods' products include S&W canned beans. It also has private-label and contract manufacturing business with top branded companies. Arizona Canning's products include Sun Vista, Luck’s, Kerns and Totis.
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