Mexican corn flour company Gruma has said it has made an agreement to acquire a 51% stake in Italian corn flour maker Nuova De Franceschi & Figli.
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Gruma said the deal, which should be finalised in the coming weeks, would give it greater access to the European food market, reported the Associated Press. Financial terms of the deal were not disclosed.
“This transaction will allow Gruma Corporation to expand its production capacity and strengthen its commercial presence in Europe by increasing its share of the European market for flour, especially to make tortilla chips,” Gruma was quoted by AP as saying.
