Madrid / ES. (csf) Cerealto Siro Foods has reached a sale agreement for the factory of Paterna (Valencia) with Bakery Iberian Investments SL, subsidiary of Mexico’s Grupo Bimbo. The operation is subject to the approval of Spain’s National Commission of Markets and Competition (CNMC for its initials in Spanish).
In the event the sale is approved, the new company would be constituted as an independent business within Grupo Bimbo and would assume the production that Cerealto Siro Foods has carried out in the plant thus far. The factory is dedicated to the production of bread and salted pastries for Mercadona under the brand Hacendado.
Cerealto Siro Foods continues in the negotiation process to close the sale of the rest of the bread business, specifically the factory of Antequera (Málaga), and of pastries business, in particular of the Briviesca, Medina (Castilla y León), and Navarrés (Comunidad Valenciana) factories.
Cerealto Siro Foods is a multinational company that manufactures cereal based food products, supplying clients from the Retail and B2B sectors, with a high degree of innovation and high potential for development in multiple markets.
The Group has a consolidated turnover of more than EUR 600 million, currently employs more than 5,000 people and produces over 400,000 tons per year, in 17 production centres located in Spain, Portugal, Italy, United Kingdom and Mexico, in addition to a local team in USA.
With an accumulated investment in 2018 of more than EUR 13 million in product innovation, its business model focuses on the consumer, quality, product and process innovation and operational excellence. In addition to a strong commitment to the development of the communities where it operates and the integration of people at risk of social exclusion, who account for more than 12 percent of the workforce.