Mexican food company Gruma has snapped up Spanish firm Mexifoods to further boost its business in Europe.
Gruma said it had paid US$15m for Mexifoods, which manufactures products from tortillas to Mexican sauces in Spain.
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“We … will invest US$35m in the modernization and expansion of Mexifoods,” said Gruma chairman and CEO Juan González Moreno.
Gruma said the investment would triple the plant’s capacity and improve its ability to supply Portugal, the south of France, Italy and Malta.
Moreno said the deal “lays the foundation for sustained growth in the region”. Gruma began operations in Europe in 2000. It has nine plants in the region, where it makes tortillas, wraps, chips, flat breads and corn grits.
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