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MegaMex focuses on sauces and avocado

MegaMex, a Grupo Herdez partnership with Hormel Foods in the United States, is focused on increasing its business in sauces and avocado.

As of December 31, 2020 and 2019, Grupo Herdez received dividends from its associate Megamex Foods, for 37.5 and 22.5 million dollars, respectively.

In particular, MegaMex has three key points as pillars to detonate income:

  • Increase market share and innovate in sauces.
  • Increase the penetration of avocado and derived products.
  • Accelerate the penetration of products to consume outside the home.

Megamex was incorporated on October 21, 2009 in the United States and is a joint venture between Hormel Foods Corporation and Authentic Specialty Foods Inc. (ASF), which is a subsidiary of Herdez Del Fuerte.

The recognition of this investment is made under the method of participation in the results of Authentic Specialty Foods Inc.

Megamex carries out the production, distribution and sale of a wide variety of Mexican products, mainly to food service, supermarkets, distributors, retailers and convenience stores.

Some of the products sold by Megamex are produced by Herdez Del Fuerte in Mexico.

Sauces

The main business and around which all the activities of Grupo Herdez revolve, which owns 25% of the MegaMex business, is the production and marketing of food products.

MegaMex Foods was created as a sales growth platform in the United States, with a portfolio of brands such as: Herdez, Del Fuerte, Doña María, Embasa, La Victoria and Chi-Chi’s, among others, which are widely known by consumers Hispanics and Anglo-Saxons.

As of October 26, 2009, the results of MegaMex Foods were included in the financial statements of Herdez Del Fuerte by the proportional consolidation method.

During this year, the construction of the Cuautitlán distribution center and the acquisition of the Litoplas label plant began.

During the same year, Grupo Herdez acquired, through MegaMex, the company called Don Miguel, whose purpose is the production, marketing, distribution and sale of frozen and refrigerated foods in the United States.

This acquisition included a production plant located in Dallas, Texas, as well as the Don Miguel, Gourmet Olé brands, among others.

Grupo Herdez participates in a wide range of categories that includes homemade sauces, organic products, honey, ice cream, jams, mayonnaise, mole, mustard, pasta, spices, tea, tomato puree, tuna, vegetables, guacamole among others.

 

Redacción Opportimes

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