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Père Olive, established in 1993 by Eric Maes, will retain its existing brand name and team.
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The bakery group said it has agreed a deal with Myton Food Group, Morrisons’ manufacturing arm, for the land, buildings and machinery at the closed site.
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The owner of the Sci-Mx sports nutrition brand and Battle Bites line of protein bars forecast a 15% increase in revenue.
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Borealis said it is “evaluating alternatives to address its outstanding obligations, including potential refinancing, capital-raising and other strategic transactions”.
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The world’s largest dairy company has just reported revenues for 2025 of €31.2bn ($36.8bn) and net income of €528m.
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The US-based frozen foods and snacks producer said the investment “reinforces” its “growth strategy” and capacity in Mexico.
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The labelling rules are expected to become mandatory in up to two years' time.
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CEO Ramon Laguarta said PepsiCo’s “hungry and thirsty for growth strategy” is paying dividends.
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