The world’s biggest baker, Mexico-based Grupo Bimbo, just got a bit bigger.
The company has confirmed its purchase of competitor Panrico, one of the major bakery firms in Spain and Portugal.
The acquisition, believed by some analysts to have cost 3.6 billion pesos (US $231 million), gives Bimbo seven plants in Spain and two in Portugal.
The company claims to be the “world’s largest baker” and operates 167 plants and about 1,600 sales outlets in 22 countries, along with an extensive distribution network that has more than 2.4 million points of sale.
Bimbo has 128,000 employees and sales in 2014 were $14.1 billion.
The company has been on a buying spree since 2011, picking up firms such as Sara Lee, Fargo, Canada Bread, Supan and Saputo Bakery. President and CEO Daniel Servitje said last month it had plans to spend another $650 million on new plants and renovations.
Bimbo recently opened the largest bakery in Europe in Azuqueca de Henares, Spain, with an investment of $56.7 million.