March 5, 2018 / 10:55 PM / 6 months ago

Canada's McCain buys 49 percent of Brazil's Forno de Minas

SAO PAULO (Reuters) - The subsidiary of Canada’s McCain Foods Ltd in Brazil on Monday agreed to acquire 49 percent of Brazilian cheese bread company Forno de Minas Alimentos SA, both companies said in a statement.

The value of the deal was not disclosed. Forno de Minas, founded in 1990, owns three factories and has an annual revenue of 340 million reais ($105 million). McCain, the world’s largest producer of frozen potato products, owns 53 factories and has an annual revenue of $7 billion.

Reporting by Tatiana Bautzer

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