Mexico’s Grupo Bimbo will seek bolt-on acquisitions in the 17 countries where it is present, a company official has confirmed to just-food.
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“We are working to pay as much as US$700m in debt by the end of the year so we will have the cash to look at deals,” he said. “We are primarily looking for complementary acquisitions in the markets where we are already present.”
The official would not detail in which markets Bimbo is more keen to bolster its presence but analysts have said the firm is keen to grow in the US and Latin America as it already has a monopoly in Mexico.
The official, however, said Bimbo has no immediate plans to enter or make big investments in new markets.
Despite its expansion plans, the company is fending off criticism and lawsuits in Mexico and across Latin America for its wheat-bread labelling practices, which consumer groups claim are deceiving consumers.
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By GlobalDataBimbo, which claims no wrong-doing, continues to appeal fines in Peru and Panama. The official insisted the appeals were “going well” and that the firm expects a resolution by the end of the year.
