Hormel, Herdez Del Fuerte create US venture

Hormel Foods and Herdez Del Fuerte SA said Friday they will create a joint venture to market Mexican foods in the U.S., expanding an existing partnership.

The 50-50 venture is to be called MegaMex Foods and will be run by a team of managers in Chino, Calif., the company said.

Brands to be marketed include Chi-Chi's, Herdez, La Victoria and others.

"The collaboration should allow us to better serve both the growing U.S. Hispanic population and the vast numbers of the general population who love Mexican food," Hormel CEO Jeffrey Ettinger said in a statement.

Hormel shares closed Thursday at $34.35.