Latin American Gruma plans to expand in Asia

Monterrey / MX. (gru) Gruma S.A.B. de C.V., one of the world´s leading tortilla and corn flour producers, wants to expand in Asia with new plants, despite a slowdown in the world economy, Chairman Roberto Gonzalez Barrera said. Gruma, whose finances have been hurt by big losses in currency derivatives as the global market rout knocked the Mexican Peso in recent weeks, already operates plants in China, Malaysia and Australia. «We are going to expand as soon as we can in the whole Asia-Pacific region», Barrera said in Monterrey. He said he believed Asian economies like China would continue to grow healthily, despite expections of gloomy global growth for the next year or two: «Although Gruma could always start by exporting, given the size of these markets, the best way is to have a direct presence there», the Chairman told a business forum in the northern Mexican city (source).