Bimbo Expands Into China

Mexican food firm Grupo Bimbo is to buy a 98% stake in Beijing Panrico Food Processing Center, the Chinese subsidiary of Spanish baker Panrico, for $11.1 million. The acquisition, which should be completed in the next three months, will give Bimbo access to the markets in Beijing and Tianjin and be a first step into China’s huge consumer market. Bimbo is also planning to acquire plants in Colombia, Chile, Uruguay and Guatemala this year, investing around $300 million.