Mexico / MX. (wib) In November the Canadian George Weston Limited announced that its subsidiary Dunedin Holdings had agreed to sell its fresh bread and baked goods business in the United States to Grupo Bimbo. Some days ago the U.S. Federal Trade Commission said, that the Mexican group has received the U.S. antitrust approval. Now the shareholders of Grupo Bimbo in Mexico City approved the company´s plan to buy the U.S. bakeries of the Canadian group. Bimbo said in a filing with the Mexican stock exchange, that shareholders also approved the company taking on debt for the buyout, which includes 2,38 billion USD for Weston Foods Inc. plus 125 million USD for related financial assets. Weston Foods adds 22 bakeries and 4’000 distribution routes to the operations of Bimbo USA, bringing the total to 35 bakeries and 7’000 routes. The operations, with annual sales of 2,2 billion USD and operating cash flow of around 250 million USD, are concentrated on the U.S. East Coast, while Bimbo´s current U.S. operations are largely spread across the Western states.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- SSP Group: announces Third Quarter Trading Update 2024
- LG Chem and ADM: Joint Ventures in Illinois are canceled
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance
- Reborn Coffee: Closes Master License Agreement for UAE
- General Mills: Reports Fiscal 2024 Fourth-Quarter Results
- SunOpta expands plant for processing plant-based beverages
- Britannia: Operating profit grew 10 percent in FY-2023
- Tate + Lyle and CP Kelco to merge to leading global player
- Ülker Bisküvi: announces Q1-2024 financial results
- Europastry: intends to go public on the Spanish stock exchange
- Europastry S.A.: publishes 2023 Annual Report
- Swisslog: announces new Americas region headquarters
- Reborn Coffee: Expanding Omni-Channel Strategy