MARFRIG Announces New Alliance with ConAgra Foods (CAG) on Beef Jerky
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Marfrig Group (Bovespa: MRFG3) announced today that it has acquired the Pemmican beef jerky brand and related production equipment from ConAgra Foods, Inc. through its subsidiary Mirab USA Inc. for USD 25 million in cash.
Marfrig and ConAgra Foods have also entered into a sales and distribution agreement for the 5 years up to 20th July 2013 under which ConAgra Foods will sell and distribute the Pemmican brand beef jerky for Marfrig within its existing Consumer Products Division. Marfrig will also co-pack "Slim Jim" beef jerky for ConAgra Foods pursuant to a co-pack agreement between ConAgra Foods and Mirab USA. This agreement does not include the "Slim Jim" beef stick business.
Marfrig has diversified sources to produce beef jerky from its units in Brazil, Argentina and Uruguay with a combined capacity of 27 tons/day and a packaging facility in Mirab USA.
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