Bimbo sells its confectionery business to Mondelez for 1,237 million

Bimbo Baking Group, one of the world’s largest, has announced that it will sell its confectionery business, Ricolino, to Mondelez International for a total amount of €1,236.6 million.

Grupo Bimbo announces that it has signed an agreement to sell its confectionery business, Ricolino, to Mondelez International, Inc. A company worth 27.000 million pesos “(about 1236.6 million euros at the current exchange rate),” the company said in a statement.

The company notes that this “strategic decision will allow Grupo Bimbo to become a stronger global leader in grain-based foods and focus on its bakery and Snacks “.

For its part, for Mondelez, the world leader in Snacks This process will allow Double the size of your business in Mexico, It expands its presence in the confectionery sector and will also provide an attractive entry point for the chocolate category in the country.”

leader in mexico

With some $500 million in net sales In 2021, Ricolino became a “leader in the confectionery category in Mexico”, has about 6000 employees and has four factories that distribute its products through its sales centers through various channels and brands. “Ricolino also exports and markets its products to 17 countries, including the United States and Central America,” he adds. The text stressed that Grupo Bimbo will use the resources from this transaction to pay off debt, capital investments and other corporate purposes in general.

Diego Gacciola, Global Director of Administration and Finance at Grupo Bimbo, stated: “This transaction strengthens our financial profile, by generating value for Grupo Bimbo. (…) We reaffirm our commitment and our investments in Mexico, where we will be this year and have invested nearly $750 million. It is a historic number that confirms our confidence in the country.”

Similarly, Oriol Bonaclucha, President of Mondelez Mexico, explained, “The year 2022 is a very important year for us since Celebrating 95 years in Mexico Today, we reaffirm our commitment to the country by announcing this agreement.”

The text concluded that this process is still subject to corresponding approvals, including regulatory approvals in force in Mexico such as those issued by the Federal Commission for Economic Competition (Cofece), among others.