House Foods America Announces Acquisition Of El Burrito Mexican Food Products, Inc.
GARDEN GROVE, Calif., Nov. 13, 2012 /PRNewswire/ -- House Foods America Corporation, subsidiary of House Foods Corporation Japan (2810), announced today the completion of its acquisition of El Burrito Mexican Food Products, Inc., a leading healthy Mexican food brand based in City of Industry, California.
The transaction includes substantially all of the assets of the company which will be renamed El Burrito Mexican Foods Products Corp., and become a subsidiary of House Foods Holding USA Inc.. The financial terms of the sale have not been disclosed.
"El Burrito is an established and successful company that has grown and prospered at the hands of its founders, Mark and Grace Roth, who share a great passion for their products," says Shigeru Natake, President of House Foods America. "El Burrito's corporate philosophy is very similar to that of House Foods America so we believe we will enjoy great synergy as we work together in the future. Adding healthy Mexican food products to our existing Asian line will allow us to offer consumers a wider variety of healthy lifestyle choices. In the US market, where many different cultures coexist, we anticipate accelerated growth and expanded profits as a result."
El Burrito Mexican Food Products, Inc. is a privately-held California corporation formed in 1980. Aggressive and innovative, El Burrito was the first company in California to offer fresh salsas, which were sold in the deli and meat departments of local grocery stores. In the 1990s, El Burrito pioneered soy products with traditional Mexican food flavor to great success. The company is the maker of Soyrizo, the oldest and leading soy meat analogue brand in Mexican food segment. Along with its rapidly-growing sales of masa, guacamole and other Mexican food products, Soyrizo has been acclaimed by food experts and health professionals as the delicious alternative to heavier traditional chorizo.
Tofu specialists since 1983, House Foods America Corporation (HFAC) is dedicated to providing the most affordable, highest quality and widest range of the freshest Tofu products. In a taste test conducted by the San Francisco Chronicle, House Foods Tofu was rated #1 among its competitors and described as "creamy," "tender" and "fresh-tasting." The company uses only non-genetically modified (non-GMO) soybeans grown in the USA. All House Foods Tofu products are Non-GMO Project verified and certified gluten-free. House Foods' commitment to protecting the environment is evidenced by its solar-powered California facility. For more information visit www.house-foods.com.
Note on Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. We undertake no responsibility for updating these statements.
Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this release.
These factors include, among other things: availability and prices of raw materials; the effectiveness of our product pricing, including any pricing actions and promotional changes; future economic circumstances; industry conditions; our ability to execute our operating plans; the success of our innovation, marketing, and cost savings initiatives; the amount and timing of repurchases of our common stock, if any; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of any product recalls; access to capital; actions of governments and regulatory factors affecting our businesses, including the Patient Protection and Affordable Care Act; and other risks described in our reports filed with the Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements included in this release, which speak only as of the date of this release.
SOURCE House Foods America Corporation