GRUMA, S.A.B. de C.V. (“GRUMA”) (NYSE: GMK, BMV: GRUMAB), announced today the acquisition of the tortilla-production assets of the Albuquerque Tortilla Company (ATC) in the United States for US$8.8 million. GRUMA also acquired the inventories, brand, and customer list related to ATC’s tortilla business.
ATC is a tortilla company based in Albuquerque, New Mexico, that sells wheat flour tortillas and, to a lesser extent, corn flour tortillas, among other products, under the brand “Albuquerque Tortilla”. During 2010, ATC’s tortilla business had net sales of US$14 million.
This acquisition will expand and strengthen GRUMA’s tortilla business in the United States through a solid and recognized brand in the south-central region of the country, and is part of a strategy to take advantage of opportunities and synergies in the United States, the most important market in the world for GRUMA today.
Since the company paid half of its debt at the beginning of this year, it continues to look for expansion opportunities in the world in order to consolidate its leading market position. GRUMA will, however, continue to pursue a disciplined financial approach in order to regain its investment grade-status as soon as possible.