Emmi has held a stake in the dairy since July 2017, and said the Brazilian company is now among the top three largest dairies in its primary market of Minas Gerais.
The acquisition of the majority of the shares is subject to approval by the local competition authority.
At the time of the initial investment, Laticínios Porto Alegre was one of the five largest milk processors in Minas Gerais.
Laticínios Porto Alegre has strong market positions in the natural cheese, mozzarella and requeijão (cream cheese) segments, as well as in UHT milk, cream and butter. Laticínios Porto Alegre is also a leading player in whey powder, which is mainly supplied to the Brazilian food industry. In 2018, Laticínios Porto Alegre achieved net sales of around BRL630m ($160m) and employed around 1,250 people.
The remaining 30% of the company, founded in 1991, remains with brothers José Afonso and João Lúcio Barreto Carneiro. Emmi said João Lúcio Barreto Carneiro and his team are responsible for the successful growth of Laticínios Porto Alegre and will continue to drive the company forward in the future as chairman of the board and managing director.