Brazilian food processing company Sadia and Kraft Foods have sealed their agreement to create local joint venture K&S Alimentos.
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The agreement, entered into on 28 April with Kraft Foods Brasil (KFB) and Kraft Foods Holdings, involves the setting up of a Brazilian cheese manufacturing, marketing and distribution operation.
It will include products currently sold by KFB under the Philadelphia brand, as well as cheeses and cheese spreads sold under the Sadia brand.
KFB will own 51% of the voting shares of Curitiba-based K&S Alimentos, while Sadia holds 49%.
“This partnership with Kraft represents an important step towards strengthening Sadia in the cheese segment and is in full alignment with the company’s strategy of promoting growth and creating value, both for the company and for its shareholders,” Sadia said in a statement.
Pursuant to the terms of the shareholders’ agreement, K&S will have its own independent structure and corporate governance.
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By GlobalData
