Mexico’s largest baking concern, Grupo Bimbo SA, informed the Mexican Stock Exchange (BMV) on Friday (24 March) that it had struck a deal to acquire the Chinese subsidiary of Spanish Baker Panrico SA for EUR9.2m (US$11m). Under the agreement, Bimbo will also take on an additional net debt of EUR1.3m.
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In the statement Bimbo said that the business, called Beijing Panrico Food Processing Centre, has an “ample” range of baked products designed to meet local tastes along with production facilities and a distribution network that have allowed the Chinese subsidy to build up “an important presence and recognition in the cities of Beijing and Tianjin.”
“This acquisition represents a solid opportunity for immediate entry with a modest initial investment into one of the world’s fastest growing and most dynamic markets,” the company said.
The company anticipated closing the deal within the next three months.
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