This paper provides descriptive conceptual evidence and a theoretical interpretation of the international processes followed by leading Latin American multinationals (multilatinas) in the food industry (JBS-Friboi, Bimbo, Mar- frig, Gruma, and Brasil Foods). Using a multiple-case study methodology, this paper presents evidence for building and testing in internationalization theory. We found that Latin American multinationals in this specific sector have assumed unremitting creative adaptation processes to overcome the liabilities of foreignness and emerging-ness while demonstrating speedily reactions to market opportunities and institutional adversities. Even though there are distinc- tive case-by-case features, this paper confirms that theoretical frameworks do exist that are sufficiently able to pro- vide an understanding of these emerging-market multinationals’ internationalization processes.