International Multifoods sells Venezuelan agro-business unit
July 01, 1999
by Teresa Acklin
WAYZATA, MINNESOTA, U.S. International Multifoods Corp. has sold its discontinued Venezuelan agriculture and animal feed business, Alimentos Super-S, C.A., and continues to seek a buyer for its consumer and commercial foods business in that country.
Multifoods sold Alimentos Super-S for U.S.$27.5 million in cash to La Caridad Group, a privately held integrated poultry producer based in Venezuela.
Alimentos Super-S had revenues of U.S.$117 million in fiscal 1999. The remainder of Multifoods' Monaca operation in Venezuela including Robin Hood wheat flour and baking mixes, Juana corn flour and Lass oat cereal had fiscal 1999 sales of U.S. $230 million. It includes 11 grain processing facilities and several warehouses throughout Venezuela.
Multifoods has sought a buyer for its Venezuelan businesses since breaking off acquisition discussions with Archer Daniels Midland Co. last fall.