Spanish food giant Sos Cuetara is searching for a new acquisition target in the US and has $1bn to spend on such a transaction, a company insider has told just-food.
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Madrid-based Sos is seeking to acquire a rice or olive oil manufacturer in the US, which it has identified as its main expansion market.
“We have to make acquisitions in the United States,” Sos Cuetara’s chairman Jesus Salazar told US media during a visit to the country. “We are looking at very important transactions in North America.”
Sos Cuetara draws 15% of its annual turnover from the US and hopes to increase that ratio to 50% in five years.
The company bought US rice company American Rice in 2003 and has made a string of acquisitions in the market since.
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