REG - Hilton Food Grp Plc - HILTON FOODS SIGNS JOINT VENTURE WITH NADEC

Hilton FoodAnnouncement

06/03/2025 07:00

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RNS Number : 5314Z  Hilton Food Group PLC  06 March 2025

6(th) March 2025

 

HILTON FOODS SIGNS LONG-TERM JOINT VENTURE WITH NADEC, A LEADING SAUDI ARABIAN
FOOD AND AGRI-BUSINESS.

 

Hilton Food Group plc ("Hilton Foods") is pleased to announce that it has
entered into a new Joint Venture (JV) with The National Agricultural
Development Company (NADEC) in the Kingdom of Saudi Arabia ("KSA" or the
"Kingdom"), expanding the Group's global reach into the Middle East.

This long-term collaboration, initially for a period of 10 years, combines
Hilton Foods' expertise in meat processing and packaging with NADEC's
extensive local cattle operations. As part of this partnership, Hilton Foods
will develop new state-of-the-art facilities in the country, while NADEC will
supply the joint venture and integrate its red meat products into their
well-established distribution network. In addition, it is expected that this
JV will support improved food security and market growth in Saudi Arabia,
aligned with the Kingdom Vision 2030.

Hilton Foods will hold a 49% stake in the new joint venture and contribute
49%, approximately £6.5m, of the initial 60m SAR (approximately £13m)
investment in the new facility.

In NADEC, Hilton Foods is partnering with a market leading Food and Agri
business. NADEC currently supplies the Saudi Arabian retail market and is
aiming to develop its red meat product ranges, to support the transition from
in-store butchery to packaged local meat. It supplies modern, leading
retailers and trade customers with high quality local products under the NADEC
brand, alongside local and imported products under its customers' brands in
Saudi Arabia and surrounding countries.

The JV is targeting to commence operations by H2 2026 and will operate within
the framework of the Hilton Foods' Sustainable Protein Plan, details of which
can be found at https://www.hiltonfoods.com/sustainability/
(https://www.hiltonfoods.com/sustainability/) .

The Joint Venture is subject to regulatory approvals from the relevant
authorities in the Kingdom of Saudi Arabia and other customary conditions to
completion. Any material development will be announced in due course.

 

Steve Murrells CBE, Hilton Foods Group CEO said:

"We are delighted to be forming this JV with NADEC, a highly respected and
experienced local partner. This newly established partnership aims to enhance
the quality, variety, and value available to consumers in the Saudi market.

"This is a JV which takes Hilton Foods into the Middle East for the very first
time, and it brings together NADEC's wide retail distribution network with our
market-leading processing and packaging capabilities, underpinned by our
shared consumer-led approach to innovation.

"Long-term, Hilton sees significant growth potential in Saudi Arabia and the
Middle East, leveraging its expertise and scalable technology to support local
partners in these emerging growth markets."

 

Dr.Solaiman Al-Twaijri, NADEC CEO said:

"This partnership represents a significant milestone for NADEC as we expand
our portfolio to include high-quality packaged red meat products. By combining
Hilton Foods' global expertise with our strong presence in the Saudi market,
we aim to deliver exceptional value to our consumers while supporting Vision
2030's goals of food security and local production.

"This joint venture with Hilton Foods aligns perfectly with our mission to
provide premium, locally produced options while driving economic growth and
supporting national objectives."

ENDS

For further information please contact:

 Hilton Food Group plc                    Tel: +44 (0) 1480 387214
 Steve Murrells, Chief Executive Officer

 Matt Osborne, Chief Financial Officer

 Headland Consultancy                     Tel: +44 (0) 20 3805 4822
 Susanna Voyle                            Email: hiltonfood@headlandconsultancy.com
                                          (mailto:hiltonfood@headlandconsultancy.com)
 Will Smith
 Joanna Clark

 

NOTES TO EDITORS

According to IGD data, the Saudi Arabian grocery retail market is expected to
grow by 3.2% CAGR.

 

About Hilton Foods

Hilton Foods is a leading international multi-protein producer, serving
customers and retail partners across the world with high quality meat,
seafood, vegan and vegetarian foods and meals. We are a business of over 7,000
employees, operating from 24 technologically advanced food processing, packing
and logistics facilities serving over 19 markets in Europe, Asia Pacific and
North America. For thirty years, our business has been built on dedicated
partnerships with our customers and suppliers, many forged over several
decades, and together we target long-term, sustainable growth and shared
value. We supply our customers with high quality, traceable, and assured food
products, with high standards of technical excellence and expertise.

 

About The National Agricultural Development Company (NADEC)

NADEC is one of the leading food industries in Saudi Arabia and the MENA
region, not only because of its history as the first agricultural company
listed on the Saudi stock market 44 years ago, but also due to the quality and
diversity of its products, its national role in Saudi Arabia's food security
strategy within Vision 2030, and its new market expansion strategy in the
Middle East.

For more than four decades, NADEC has succeeded in making significant strides
in the food industry through a series of strategic transformations and
development plans. This progress has ranked NADEC as one of the most important
Saudi, regional, and global companies in the production and distribution of
dairy, juice, and its expansion into new sectors such as vegetables and
fruits, and red meat products.

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