Hormel Acquires Garudafood Stakes from CVC, Sudhamek Family

By Editorial Team 19/12/2022
Hormel Foods
Summary

Food and beverage producer PT Garudafood Putra Putri Jaya Tbk (GOOD) announced that Hormel Foods International Corporation (HFIC) acquired 10.77 billion shares, a 29.18 percent stake, in Garudafood worth Rp 6.2 trillion. HFIC is a subsidiary of Hormel Foods Corporation, a global food company in the Fortune 500 group and listed on the New York Stock Exchange (NYSE).

According to a press release, Hormel bought GOOD shares from several existing shareholders, including Pelican Company Limited (Pelican) and the family of GOOD's founder, billionaire Sudhamek Agoeng Waspodo Soenjoto. Pelican has been investing in Garudafood since 2018. Garudafood President Director Hardianto Atmadja is optimistic that this transaction will expand Garudafood's partnership with Hormel Foods Corporation after establishing a joint venture company, PT Hormel Garudafood Jaya.

"We are excited to continue to expand and strengthen our partnership with Hormel Foods in developing Garudafood's business together in Indonesia. Hormel Foods has more than 130 years of corporate history, so there are many things we can learn from them," Hardianto said in a statement last weekend.

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