6th Jul 2016 07:47
LONDON (Alliance News) - Meat-packing business Hilton Food Group PLC on Wednesday said it has signed a supplier agreement with Modelo Continente Hipermercados SA, trading as Sonae, in Portugal.
Under the agreement, Hilton will supply packaged fresh meat into Sonae stores for an initial six to nine months, after which the pair will form a joint venture.
"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," Chief Executive Robert Watson said in a statement.
"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," he added.
Shares in Hilton were trading up 2.3% at 564.50 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Hilton Foods