US food giant Sara Lee is to sell three bakeries in Spain to local food firm Grupo Siro.
The deal, struck for an undisclosed sum, will see Sara Lee's Briviesca, Antequera and Agüimes sites switch to Siro.
Frank van Oers, CEO of Sara Lee's international and beverage and bakery business, said the sale was "terrific news" for the company.
"This agreement allows us to further improve production economics and supply our Spanish customers and consumers with the products they know and love, especially Bimbo," van Oers said.
Under the deal, Sara Lee will continue to own and market its Spanish bakery products, including the Bimbo brand.
Siro owner J.M. Gonzalez Serna added: "This transaction brings significant growth to Grupo Siro, allowing us to achieve our strategic plans ahead of schedule."
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