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.

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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By GlobalData