Nov. 2, 2011
Industrias Bachoco S.A.B. de C.V.
" or "the Company") (NYSE: IBA; BMV:
's leading producer and processor of poultry and other food products, announced today that the Company has successfully concluded the process of acquiring the American poultry company, O.K. Industries, Inc. ("O.K.").
In press release issued on
October 28, 2011
announced it had reached an agreement to acquire O.K. an American Company. Now that all requirements have been met, the acquisition of O.K. is complete.
The total amount paid for O.K. was approximately
US$ 95 million
, taking into account primary working capital needs. The amount was paid in cash, part of which came from utilizing one of
's credit lines and the remainder from
's own resources. In its third quarter 2011 results,
announced cash and cash equivalents of
US$ 236 million
September 30, 2011
No debt was assumed from O.K. who's normalized EBITDA is estimated to be approximately
US$ 20 million
reiterates that O.K. will continue operating under the same name and brands, with basically the same management team while maintaining its nearly 4,000 local workers.
's Chief Executive Officer, stated: "We are very pleased to complete this acquisition and extend a warm welcome to all our new staff members and suppliers. I am very confident that working together, we will provide excellent service and quality products to all of our current and new customers."
Industrias Bachoco is the leader of the Mexican poultry industry and an important player in
's food industry. Its main product lines are chicken, table eggs, balanced feed and swine. Founded in 1952,
is headquartered in
, in the state of
with operations that span the country, including more than 700 facilities and 60 distribution centers.
trades on Mexican Stock (BMV) under the ticker symbol of
and in the New York Stock Exchanges (NYSE) under the ticker IBA. For the year ended
December 31, 2010
, the Company reported Net Sales of over
US$ 2 billion
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.