The announcement was made in a brief press release, which did not provide details of the purchase price or the terms of the purchase. Julio Mijares, Sigma’s director of operations in Costa Rica, made the announcement.
For months rumours had been circulating about Dos Pinos looking to aquire Monteverde, in an effort to strengthen its cheese products and compete with European product entry in the Acuerdo de Asociación (Association Agreement) between Central America and the European Union. The agreement is pending first debate in the Legislature.
Sigma has been operating in Costa Rica since 2002, when it acquired Embutudos Zar, producers of packaged meats and Industrias Lácteas Tecnificadas (Inlatec), a cheese specialty company and the main provider to Pizza Hut.
The press release explained that Sigma has operations in 10 countries and in 2012 had sales of US$3.4 billion dollars.