By Michael Dabaie
Kraft Heinz Co. agreed to acquire Companhia Hemmer Industria e Comercio, a Brazilian company focused on condiments and sauces.
The acquisition of Hemmer, a 106-year-old company headquartered in Blumenau, Santa Catarina, supports the company's strategy of growing its International Taste Elevation product platform and its presence in emerging markets, Kraft Heinz said.
The completion of the deal is subject to regulatory approvals by CADE, Brazil's Administrative Council for Economic Defense.
A price isn't finalized as the deal with Hemmer isn't closed yet, the company said.
Rothschild & Co is acting as the financial advisor for Kraft Heinz and Madrona Law as the legal advisor to Kraft Heinz. Pabst & Hadlich Advogados Associados are acting as advisors to the selling shareholders and Hemmer.
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(END) Dow Jones Newswires