Homel and Herdez Set Up US Joint Venture

US-based Hormel Foods and Mexico based Herdez del Fuerte have announced the launch of a 50-50 joint venture called MegaMex Foods that will market Mexican foods in the US market. The new firm will be launched in the fourth quarter of 2009 and is expected to generate revenues of US$200mn in its first year. The move underlines the growing demand for Mexican food in the US that can partly be attributed to the country's growing Mexican population, which has registered a 17-fold increase since 1970, and also the growing popularity of Mexican cuisine among the wider US

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