Grupo Bimbo announced that it has completed its acquisition of Sara Lee Corporation´s fresh bakery business in Spain and Portugal for 115 million EUR. The acquisition includes bread, pastries and snacks produced under the Bimbo, Silueta, Ortíz, Martinez and Eagle brands, among others.
The business employs more than 1’900 associates, operates seven production facilities and manages more than 800 distribution routes. In fiscal 2011, the business generated net sales of 408 million USD. 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.
This transaction was funded with cash holdings. The financial results of Spain and Portugal fresh bakery business will be included in Grupo Bimbo´s consolidated results starting on December 04, 2011.