<article><a href="http://www.sanmiguelpurefoods.com/">San Miguel Pure Foods Co Inc</a>, through its subsidiary San Miguel Pure Foods International Ltd. (SMPFIL), has bought out its partner &#8211; Hormel Netherlands &#8211; in its Vietnam venture, the company said.</article>

<a href="http://www.sanmiguelpurefoods.com/">San Miguel Pure Foods Co Inc</a>, through its subsidiary San Miguel Pure Foods International Ltd. (SMPFIL), has bought out its partner &#8211; Hormel Netherlands &#8211; in its Vietnam venture, the company said.
The deal, which sees the exit of the Dutch partner, gives SMPFIL full control of San Miguel Pure Foods Investment (BVI) Ltd. (SMPFIB), a Vietnam-based live hog farming and feeds production.
Prior to Tuesday’s announcement, Philippine-listed San Miguel Pure Foods Co Inc (SMPFC) had a 51 per cent stake in its live hog farming and feeds production joint venture in Vietnam and this ownership was through its subsidiary SMPFIL. The remaining 49% in this Vietnam JV company &#8211; SMPFIB &#8211; was held by Hormel Netherlands.
“SMPFIL signed an agreement for the purchase from Hormel Netherlands, of the latter’s 49 percent of the issued share capital of San Miguel Pure Foods Investment (BVI) (SMPFIB). SMPFIL owns the remaining 51 per cent of SMPFIB,” the firm said in a disclosure to the stock exchange on Tuesday.
The deal size was not disclosed.
Established in 1956, Purefoods Philippines was originally into manufacturing and marketing of processed meat products. Through its subsidiaries, it later on diversified into poultry and livestock operations, feeds and flour milling, dairy and coffee operations, franchise operations, and young animal ration manufacturing and distribution.
Among the Filipino company&#8217;s portfolio of food brands are Magnolia, Pure Foods, Monterey, Star, Dari Creme, B-Meg, San Mig Coffee, and JellyAce.
San Miguel Corporation (SMC) is the parent company of Purefoods Philippines. SMC acquired San Miguel Hormel Vietnam in October 2003. In 2006, Hormel Foods Corp purchased 49 per cent of the business
Photo:<a href="http://www.freedigitalphotos.net/images/pig-in-a-pen-photo-p220813">Freedigitalphotos.net</a>

Pure Foods buys out Hormel in Vietnam JV

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Pure Foods buys out Hormel in Vietnam JV

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