Photo: Bimbo’ Acquires ‘Sara Lee’ in Europe
Mexico’s Grupo Bimbo, Latin America’s biggest producer of baked goods, said Monday it completed the acquisition of U.S.-based Sara Lee Corp.‘s fresh bakery business in Spain and Portugal for 115 million euros ($153 million).
The deal, which had been announced on Oct. 10, includes the Bimbo, Silueta, Ortiz, Martinez and Eagle brands, as well as seven manufacturing plants, which employ 1,900 people, and more than 800 distribution routes.
“This acquisition positions Grupo Bimbo as the leading branded bread company on the Iberian Peninsula and enhances the Company’s international growth with a strong and established bakery business,” the company said in a statement.
Bimbo, which paid for the acquisition with its cash holdings, said the results of the fresh bakery units in Spain and Portugal were now being included in its consolidated results.
Sara Lee previously sold its North American Fresh Bakery unit to Grupo Bimbo for $709 million.
Grupo Bimbo, which has 108,000 employees, manufactures more than 7,000 products, has 102 plants and operates over 1,000 distribution centers in 17 countries in the Americas and Asia.
The Mexican company completed its acquisition of Argentina’s Fargo on Sept. 19.