Cerealto Siro: Completes Sale Of Bread And Pastry Businesses

Madrid / ES. (csf) Cerealto Siro Foods thus completed the divestments announced in January 2020, fulfilling its commitment to find specialist buyers who guarantee the continuity and growth of the business. The completion of the operation with Bakery Iberian Investments, a subsidiary of Mexico’s Grupo Bimbo S.A.B. de C.V., for the Medina del Campo plant was subject to the authorisation of the National Commission for Markets and Competition (CNMC) and that of Briviesca to Due Diligence.

Both the agreement reached with Bakery Iberian Investments and the one closed with Morato, involve maintaining the working conditions of the plants’ workers. These operations are part of the roadmap of Cerealto Siro Foods’ Strategic Plan 2023 to continue positioning itself as a world reference in the Cookies, Breakfast Cereals, Snacks and Pasta categories. These actions allow the Company to gain efficiency and competitiveness to boost its development and growth and to achieve 2,000 million turnover focused on 30 customers worldwide by 2030.

The sales operations of the Bakery and Bread businesses, as well as the sale of the Jaen factory, allow Cerealto Siro Foods to invest more than 128 million EUR, up to 2025, in new technologies to continue moving towards more specialised, more efficient plants with a greater capacity for innovation.

About Cerealto Siro Foods

Cerealto Siro Foods, born from the integration of Siro and Cerealto, is a multinational family company that manufactures food products, with a strategy focused on the manufacture of cereal-based food products for clients in the Retail and B2B sectors, with a high dose of innovation and high potential for development in multiple markets. The Group has a consolidated turnover of more than 577 MM EUR, currently has a team of more than 3,000 people and a production of 374,000 tons per year, in 15 work centres located in Spain, Portugal, Italy, UK and Mexico, as well as commercial offices in the USA.

With a planned investment of 128 million EUR until 2025, its business model is focused on the consumer, innovation in products and processes and operational excellence. It is also a reference in the integration of people at risk of social exclusion, who represent more than 11 percent of the workforce, and in the leadership of the circular economy in the agro-food industry.