According to the StarTribune
, Faribault Foods has been purchased for an undisclosed price by privately owned La Costeña, one of Mexico’s largest canned food companies. Faribault, which has been owned by descendants of the same family since 1917, will be combined with La Costeña’s Tucson, Ariz.-based affiliate, Arizona Canning.
The merged companies will operate as Faribault Foods and will be based in Minneapolis, Minn. Faribault Foods’ management team, employees, and facilities will be retained as part of the combined company. Faribault Foods will now have approximately 700 employees. Albert Hoflack, Head of La Costeña’s Arizona Canning, will be Faribault Foods’ new CEO. Reid MacDonald, Faribault’s outgoing CEO, will now be an adviser to the company.