Spanish food manufacturer Adam Foods has signed an agreement with Mexico-based baking firm Groupo Bimbo to purchase the Panrico bread and pastry brand in Spain, Portugal and Andorra.
This deal will enable Adam Foods to gain control of the Panrico brand in these markets, reported Esmmagazine.com.
It will gain access to patents on production, as well as licences to sell similar products in other European markets such as Germany, France and Italy.
The transaction also consists of purchase of Panrico's facilities in Teror in Gran Canaria and Gulpilhares in Portugal, reports DistribuicaoHoje.com.
The deal has to be approved by regulatory authorities, in addition to a resolution from Spain's Supreme Court.
A manufacturer of biscuits, spreads, concentrated broth, honey and pastries, Adam Foods expects the closure of the deal to be completed during the second half of this year.
During the last fiscal year, its sales reached €340m.
Last week, Grupo Bimbo agreed to buy the Argentina bakery and foodservice business of General Mills for an undisclosed sum.
