Mexico City / MX. (gb) Grupo Bimbo S.A.B. de C.V. announced the completion of its acquisition of the U.S. fresh bakery business of Weston Foods Inc. from Dunedin Holdings S.a r.l., a subsidiary of Toronto-based George Weston Limited, and the separate acquisition of related financial assets. The two transactions were valued at 2’380 million USD and 125 million USD, respectively. The combined 2’505 million USD payment was made through 2’300 million USD in financing and the company´s existing cash holdings.
«This transaction is the most important in Grupo Bimbo´s history and one of the largest in the bread industry. Size alone, however, is not our main objective. Rather, our vision is to become the best baking company and we furthered that goal today by demonstrating a commitment and dedication to serving our consumers and customers in the most effective way possible», said Daniel Servitje, Chief Executive Officer of Grupo Bimbo.
The company´s U.S. operations, Bimbo Bakeries USA (BBU), will be the largest baked-goods company in the United States. BBU will be the leading U.S. producer and marketer of a wide variety of baked goods including bread, buns, sweet baked goods and cakes with bakeries nationwide. BBU will employ over 15’000 associates, operate 35 plants and distribute its products through 7’000 routes.
About: Grupo Bimbo is one of the largest baking companies in the world in terms of production and sales volume. As the market leader in the Americas, Grupo Bimbo has more than 80 plants and 800 distribution centers strategically located in 18 countries throughout the Americas, Europe and Asia. Its main product lines include sliced bread, buns, cookies, snack cakes, pre-packaged foods, tortillas, salted snacks and confectionery products, among others. Grupo Bimbo produces over 5’000 products and has one of the most extensive direct distribution networks in the world with 36’000 routes and 97’000 employees.