Food Products | São Paulo, Brazil | Corporate Acquisition
Hormel Foods has purchased Cidade do Sol in a $104 million deal. The acquired company sells more than 70 meat products such as sausage, salami and mortadella to the Brazilian retail and foodservice markets under the Ceratti brand. The transaction represents Hormel's second acquisition this month, following the purchase of Fontanini Italian Meats and Sausages for $425 million. Shares of Hormel (NYSE: HRL) dropped more than 5% Thursday.