Mexican food group Gruma is to buy the European arm of US-based peer Azteca Foods for EUR45m (US$48.3m).

Gruma said the deal would see it acquire Azteca's production and distribution assets in Spain.

Azteca manufactures tortillas, wraps, corn chips, salsas and processed foods in Spain and sells the products in 19 countries in Europe, as well as the Middle East and north Africa.

"This transaction is in line with the company's strategy of focusing on its core business, always aiming to
enhance value creation," Gruma said today (31 March).