Mexican food group Gruma has acquired US tortilla maker Casa de Oro Foods for US$20m.
Gruma said the deal would “expand and strengthen” its tortilla business in the US and was part of a strategy to “take advantage of opportunities and synergies” in the company’s “most important market”.
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Nebraska-based Casa de Oro manufactures wheat flour tortillas and tortilla meal kits and employs 250 people at its plant in Omaha. Its net sales in 2010 were $29m.
Gruma said the plant’s location would “improve and increase” its “coverage” of the Mid-West region and cut the Mexican firm’s transport costs.
“Through this acquisition, Gruma will also be able to increase its production of corn tortillas and corn chips, therefore strengthening the supply of fresher products throughout the region,” it added.
The deal is the second acquisition Gruma has made in the US in four months. In April, the Mexican tortilla maker bought the tortilla business of US firm Albuquerque Tortilla Co. for $8.8m.
In 2010, Gruma reported net sales of $3.8bn, of which 67% came from non-Mexican operations.
