Ruddick Corporation announced today that its subsidiary, American and Efird, Inc. (A and E), has
entered into a strategic joint venture in Brazil with Millefios Participacoes Ltda. (Millefios) on
September 5, 2005. Millefios, through its subsidiary Bonduki Bonfio Ltda. and an affiliated company
(Bonduki), manufactures and distributes sewing thread in the industrial markets of Brazil. Bonduki,
with net sales of approximately $9 million in calendar 2004, has been in business since 1941.
The new joint venture will operate through Linhas Bonfio S.A. (Bonfio), which is
headquartered in Sao Paulo, Brazil. Bonfio has operations in the cities of Americana,
Itaquaquecetuba and Tres Lagoas, Brazil. A and E will own 30% of Bonfio with an option to increase
its share ownership to 43%. Financial terms of the deal were not disclosed. A and E has also
entered into a License Agreement with Bonfio that will allow Bonfio to expand its product line
offerings to offer A and E’s high quality branded products.
A and E is a leading manufacturer and distributor of sewing thread and specialty engineered
yarns for worldwide industrial and consumer markets, with sales of $296 million in fiscal 2004.
This joint venture will give A and E the opportunity to participate in the important textile and
apparel market of Brazil and expand A and E’s global presence.
Fred A. Jackson, President of A and E stated, “The joint venture will leverage the strengths
of both companies to expand both apparel and non-apparel thread sales in Brazil’s growing sewn
products market.” Jackson added, “A and E branded products are specified by a number of
international retailers and their sourcing partners and this joint venture will allow us to service
their sewing and embroidery thread needs in this important market.”
Press Release Courtesy of Ruddick Corp.