company Emmi said on Friday that it was buying half of the Mexican cheese importer Mexideli, as it hopes to expand and boost sales beyond the euro zone.Mexideli, which is headquartered in Mexico City, is Mexico's leading importer of speciality cheeses. Both parties involved in the deal have agreed not to disclose the financial details of the contract.
"Mexideli is a healthy and profitable company that has already been distributing Emmi products successfully for many years," said Emmi's CEO Urs Riedener in a statement.
"Its leading position strengthens our opportunities in Mexico, a country that imports a lot of its cheese. The Emmi products set to benefit are its Swiss export cheese varieties, Swiss fondue, cheeses manufactured locally abroad and the desserts of the Italian producer A-27."
The purchase comes as Emmi seeks to boost revenue from its international businesses to 50% from its current 43%. In August, Emmi said consumption of its products in southern Europe would likely decline during the second half of its 2013 fiscal year, while other European markets were expected to remain stable.
Emmi is also struggling with declining sales in Switzerland, where revenue fell 1.6% in the first half of 2013 due to lower prices, slipping sales to restaurants and cafes, and shoppers crossing the border into Germany and France to buy food. In contrast, its international business grew by nearly 56%.
