Swiss dairy group Emmi has struck a deal to buy 50% of Mexideli 2000 Holding, an importer of cheese and fresh products into Mexico.
Emmi described Mexideli as “Mexico’s leading importer of speciality cheeses”. The company also imports a range of chilled products including desserts made by Emmi’s Italian subsidiary A-27. Mexideli generates annual sales of CHF45m (US$49.9m), Emmi said.
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Urs Riedener, Emmi’s CEO, said: “Mexideli is a healthy and profitable company that has already been distributing Emmi products successfully for many years. Its leading position strengthens our opportunities in Mexico, a country that imports a lot of its cheese. The Emmi products set to benefit are its Swiss export cheese varieties, Swiss fondue, cheeses manufactured locally abroad and the desserts of the Italian producer A-27.”
Emmi said around a quarter of the 400,000 tonnes of cheese consumed in Mexico was imported. The market for imported cheese in the country is growing at a “mid-single digit” rate a year, the company said, with sales of “premium, speciality cheeses … posting double-digit growth”.
The deal, struck for an undisclosed sum, is Emmi’s latest acquisition or investment overseas as it looks to build a business that generates 50% of its sales outside Switzerland. At present, 43% of Emmi’s revenue comes from overseas markets.
A fortnight ago, Emmi announced it had bought a 25% stake in US-based yoghurt firm Siggi’s. The deal, struck for an undisclosed sum, was Emmi’s fourth acquisition in the US in five years.
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By GlobalDataIn July, Emmi bolstered its business in Italy with the acquisition of Italian dessert maker Rachelli.
