Unileverâ€™s tomato paste and tomato sauce business in Brazil has just been bought out by Cargill for $600 million Brazilian Rials ($349 million USD).
With this agreement, Cargill will now own the brands, Tarantella, Pomarola, Extra tomato, Elefante, and Pomodoro. However, Unilever will still market these tomato product brands to the food service segment.
The acquisition will include Unilever’s tomato manufacturing facility in Goias State or Goiania.
The agreement should be finished by the end of the year and the transaction has yet to be approved by the regulatory committee.
Cargill is an international marketer and producer of agricultural, food, industrial and financial services and products. It employs 131,000 people in sixty six countries.
A company spokesperson said this acquisition will strengthen Cargillâ€™s commitment to quality and innovation, along with the company’s environmental stewardship and food-safety practices.
The agreement will also grow business in Brazil by providing different food products by serving manufacturers, retailers, and food service operators in Brazil and exporting to other markets.
Cargill’s cooking oils are sold retail under the brand name Veleiro, Liza, Purilev, and Mazola. They also make mayonnaise under the Mariana, Maria, Liza, and Gourmet Brands.
They are an exclusive distributorÂ in Brazil for Gallo olives, La Espanola and Gallo olive oil, and for Delverde pasta.