Grupo Bimbo Buys Joy Food In Morocco

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Grupo Bimbo has agreed to bargain Joy Food International, a shaper of business breadstuff successful Morocco.

The transaction will beryllium carried retired done nan Mexican baker’s Spanish subsidiary, Bakery Iberian Investments SL, which will get each of Joy Food’s stock superior and voting rights.

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Financial specifications of nan woody person not been made public.

Joy Food International, founded successful 2009, makes a scope of breadstuff products, including Lebanese bread, burger buns, sandwich bread, pizza mixed and tortillas.

The acquisition builds connected Grupo Bimbo’s existing operations successful Morocco, a marketplace it entered successful 2017 done nan acquisition of section baked equipment shaper Groupe Adghal.

The latest woody adds to nan group’s footprint successful northbound Africa, alongside its business successful Tunisia, wherever it bought saccharine baked equipment shaper Moulin d’Or successful April 2024.

In Africa, beyond its operations successful Morocco and Tunisia, Grupo Bimbo besides operates manufacturing accommodation successful South Africa.

Globally, nan Mexico-headquartered institution has a nonstop beingness successful 39 countries and reaches 52 markets erstwhile including partnerships.

Its business web comprises 249 bakeries and much than 1,500 income centres spanning nan Americas, Europe, Asia and Africa.

The bakery elephantine named Alejandro Rodríguez Bas as its caller CEO successful November.

The institution reported its third-quarter results successful October. Net income were 107.4bn pesos ($6bn), up 1.2% from a twelvemonth earlier.  

Operating income edged up 0.4% to 9.4bn pesos, while adjusted EBITDA accrued 0.8% to 15.8bn pesos. Net mostly income declined 9% to 3.3bn pesos. 

In 2024, Grupo Bimbo’s operating income fell 6.5% to 33.1bn pesos, while adjusted EBITDA climbed 1% to 55.4bn pesos. Net mostly income decreased 18.9% to 12.5bn pesos.

Bimbo announced 3 deals successful 2024, buying Slovenia bakery business Don Don, Romania’s Karamolegos Bakery Romania and Spain-based gluten-free bakery institution Amaritta.