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With this investment, McCain continues to strengthen its expansion strategy in the Brazilian market, barely a year after establishing a partnership with Forno de Minas, in which it acquired 49% of the company. Forno de Minas holds the remaining 30% of the Sérya business.
Brazil is one of McCain's global focus areas, where the business strategy is to invest for accelerated growth.
Aluizo Neto, Managing Director of McCain in Brazil:
"Brazil is currently the world's 5th largest market for frozen French fries, with a huge potential to become the world's third largest market in 2021."
Aluizo Neto will now also run Sérya's operations.
The Serya Alimentos factory in Araxá started production in 2015. Its annual production capacity is 12,000 tons of potato specialties.
Aluizo Neto:
"This investment allows McCain to focus more on the local development of high value-added products, consistent with our leadership strategy in the potato and appetizer market."
Reuters adds that McCain's Brazilian subsidiary received this week a $ 15 million equity injection from the parent company to secure the deal, citing a person familiar with McCain's Brazilian operations.
The source, who asked not to be named to openly discuss the company's plans, said McCain also planned to buy the remaining stake in Forno de Minas in the next five years.
Its acquisition is considered McCain's first step in the local production of frozen potatoes.
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