CELAYA, Mexico, Aug. 23, 2011 /PRNewswire/ -- Industrias Bachoco S.A.B. de C.V. (" Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco), Mexico's leading producer and processor of poultry and other food products, announced today that the Company reached an agreement with Grupo OSIG to acquire the assets of Trosi de Carnes, S.A. de C.V. This facility is located in Monterrey, Nuevo Leon in Northern Mexico. The acquisition will take effect immediately.
With annual sales of approximately Ps. 250 million, Trosi de Carnes produces and sells processed beef and chicken. Trosi de Carnes's products include hamburgers, chicken nuggets and other value added products for the retail and commercial segments in Mexico. This facility also exports a portion of its production to Puerto Rico and Central America.
Mr. Rodolfo Ramos, Bachoco's Chief Executive Officer, stated: "This acquisition fits into Bachoco's strategy as it reinforces our leadership in processed chicken products, which is a growing product line in Mexico. It also allows Bachoco to capture synergies with our current complex in Monterrey, as well as with our other further process plants located in Mexico, reaching a national coverage in further processed chicken products. With the acquisition of this new facility, the Company seeks to diversify its product line, entering into the further processed products line for beef, with capacity to enter into pork products, as well as leveraging the experience of a recognized company. In conclusion, this acquisition will allow Bachoco to better serve current and future customers, while advancing the Company's strategy of becoming a top food company in Mexico. "
Company Description:Industrias Bachoco is the leader of the Mexican poultry industry and an important player in Mexico's food industry. Its main product lines are chicken, table eggs, balanced feed and swine. Founded in 1952, Bachoco is headquartered in Celaya, in the state of Guanajuato in central Mexico with operations that span the country including 60 distribution centers, and a growing export business. Bachoco trades on both the Mexican and New York Stock Exchanges under the ticker IBA and BACHOCOB.MX For the year ended December 31, 2010, the Company reported Net Sales of over US$ 2 billion. Disclaimer: The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management's current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Industrias Bachoco, S.A.B. de C.V. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. SOURCE Industrias Bachoco, S.A.B. de C.V.
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.