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BRIEF-Hilton Food says to form JV with Sonae Modelo in Portugal
January 4, 2017 / 7:19 AM / 9 months ago

BRIEF-Hilton Food says to form JV with Sonae Modelo in Portugal

Jan 4 (Reuters) - Hilton Food Group Plc :

* Hilton to form joint venture with Portugal’s leading food retailer

* Announce signing of a 50/50 JV agreement with Sonae Modelo Continente for supply of range of packaged beef, lamb, veal and pork products to sonae stores in Portugal

* Hilton will work alongside sonae to redevelop production facilities of its packing and sourcing subsidiary Sonae Centro Processamento Carnes

* Joint venture will be named SOHI Meat Solutions

* Redevelopment of production facility is expected to be completed by end of Q2 2017

* Facility will require an initial investment of 22 million euros, financed principally by joint venture partners.

* Hilton’s share of investment will be financed primarily by debt

* Board expects new facility to be earnings enhancing in 2017. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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