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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.