Italy-based bakery business Gruppo Morato is looking to grow its business in Spain after buying a production plant there from Spanish cereal and biscuits manufacturer Cerealto-Siro.
The deal, which come hot on the heels of the bakery firm acquiring local peer Ro.Mar, is part of its plan for expansion in Europe, Gruppo Morato said.
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Morato said it wants at least 50% of its turnover to come from abroad in the future.
Stefano Maza, CEO of the Morato Group, said: “The development of the Spanish business is one of our strategic priorities and represents a market with great potential, which we already engage in today as a supplier for some product categories.”
The plant it has bought, for an undisclosed sum, is in the north of Spain in Briviesca. It is 34,000 sq m in size and has ten production lines.
It can produce various types of bakery products.
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