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Hormel Acquires Arriba Foods

AUSTIN, Minn. -- Hormel Foods Corp. has acquired Arriba Foods, Inc., a manufacturer and marketer of Mexican food products, for $47 million in cash. The company was purchased from Chicago- based Arbor Private Investment Co.

The operating units of Arriba Foods, Mexican Accent, Inc. and Rio, Real Inc., based in New Berlin, Wis., manufacture and distribute a wide variety of premium Mexican flour tortillas, corn tortillas, salsas, seasonings, and tortilla chips for retail markets and the foodservice industry. The products are marketed under the Manny's, Gringo Pete's, and Mexican Accent brands.

Manny's tortillas are the No. 1-selling brand of flat-packaged shelf-stable tortillas in the eastern half of the United States. Gringo Pete's flour tortillas and corn tortillas, available in the refrigerated case, and Mexican Accent flour tortillas and corn tortillas, sold to foodservice operators, also enjoy strong market share.

In 2004 the company introduced an innovative line of Manny's fresh dinner kits comprising soft and hard taco shells, soft tortillas, sauce, and seasoning mix.

Arriba Foods, which has approximately 150 employees, "offers an impressive array of high-quality products that will be immediately accretive to our grocery products business segment," said Joel W. Johnson, Hormel chairman and c.e.o. "These products will further strengthen our growing presence in the ethnic products category."

Hormel Foods currently markets various Mexican salsas, sauces, and other products under the Chi-Chi's, Herdez, Dona Maria, and Bufalo brands.
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