Grupo Bimbo: to acquire Mexican Candy Maker

Mexico City / MX. (bw) Grupo Bimbo S.A.B. de C.V. has agreed to buy Grupo Industrial Dulces Vero S.A. de C.V. for an undisclosed amount. Bimbo said that with the acquisition of the local confectioner, which had sales of 1,1 billion New Mexican Pesos (MXN) in 2009, it expects to bolster its position in the Mexican confectionery market and support expansion in the U.S. Hispanic market. Founded 1952, Dulces Vero today is made up of more than 23 specialized companies that include: factories that develop and create hard candy products, chocolates, marshmallows; industrial printers which develop and design a products packaging; distributors located in Mexico, the United States and Costa Rica. In 2009 Dulces Vero had earnings before interest, taxes, depreciation and amortization of 220 million MXN, Bimbo said in a press release. Bimbo is one of the largest baking companies in the world, with operations in 17 countries in the Americas and Asia. Dulces Vero sales were equivalent to two percent of Bimbo´s total sales of 55 billion MXN last year. The acquisition requires antitrust approval from Mexico´s Federal Competition Commission.