Co-operation Agreement in Portugal

RNS Number : 3122D

Hilton Food Group PLC

06 July 2016

 

6^th July 2016

Hilton Food Group plc

Hilton signs Co-operation Agreement with Portugal's Leading Food Retailer

Hilton Food Group ("Hilton" or the "Company") is pleased to announce that it has signed an agreement with Modelo Continente Hipermercados S.A. ("Sonae") to enter a period of co-operation for the supply of retail packaged fresh meat into Sonae stores in Portugal (the "Agreement"). It is expected that this Agreement will lead to the formation of a joint venture with Sonae in due course.

Under the terms of the Agreement, Hilton will cooperate with Sonae for an initial period of 6 - 9 months to improve the production facilities located in Portugal. Products supplied from the facility will include a wide range of packaged meat.

It is expected that after the initial period of co-operation, Hilton and Sonae will form a joint venture to implement this partnership.

Commenting on the agreement, Hilton CEO Robert Watson said:

"This is an exciting growth opportunity for Hilton Foods to work with Sonae, Portugal's leading food retailer, utilising our tried and tested business model in the Portuguese market. As we have previously demonstrated, our flexible and versatile business model enables us to meet local requirements with customers in each country and as such, we are able to enter new territories successfully. We continue to look for further opportunities for geographic expansion."

Commercial Director Sonae MC: Eunice Silva

"We are pleased to be partnering with Hilton Foods and look forward to the benefits and expertise that will enable us to continue delivering the highest quality at the best prices for our customers. Continente will strengthen its leadership in the development of innovation and in the sustainable promotion of the agro food business in Portugal."

For further information please contact:
Hilton Food Group plc	Tel: [phone]
Robert Watson, OBE, Chief Executive
Nigel Majewski, Chief Financial Officer
Citigate Dewe Rogerson
Maria Darby - Walker	Tel: [phone]
Ellen Wilton	Tel: [phone]

 

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