Spanish food group SOS Cuetara has said it plans to enter the US olive oil market by way of an acquisition in the US.

Chief executive Jaime Salazar said the group has targeted a 9% share of the US olive oil market by 2008, and is looking into the possibility of purchasing one of the Italian brands of olive oil present in the US market, reported Reuters.

The company may also consider acquisitions in the rice and biscuits markets in the US. Last year SOS Cuetara entered the US via its purchase of American Rice.

Earlier this week the company said that it expects to achieve 2004 net profit of €29m (US$34.5m), an increase of 61% from the previous year.