Mexico-based bakery giant Grupo Bimbo has entered the African market with the purchase of the Adghal group, a Morocco-based producer of baked goods.
Bimbo, which confirmed the acquisition as it announced mixed first-quarter results, said Adghal has estimated annual sales of US$11m.
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Financial details of the transaction were not disclosed.
Morrocan news published Yabiladi quoted Bimbo’s chairman and CEO Daniel Servitje as saying: “This action allows us to take a first step onto the African continent. As in previous acquisitions, we will initially focus on understanding the Moroccan culture and market, and share best practices within the different activities of the group.”
The Adghal deal announcement comes after Bimbo said earlier this year it had acquired Colombian frozen bakery products supplier Panattiere and Canada-based Stonemill Bakehouse.
Earlier this month, Bimbo locked out a number of workers at two sites in Canada following the breakdown of two sets of talks with unions over terms and conditions.
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